Sony CEO confirms Apple's new streaming service to launch tomorrow
Sony Music CEO Doug Morris confirmed that Apple's new streaming service that will compete against the likes of Spotify and Jay-Z's Tidal, will be launching tomorrow.
"It's happening tomorrow," Morris stated during an interview at Midem in Cannes.
According to the Wall Street Journal, Apple's big new $10 per month unlimited streaming service will compete with Spotify, the current leader in music streaming. The company will also offer DJ-hosted and programmed Internet radio channels to compete with Pandora.
The company does not yet have licensing deals with the three biggest global music companies, Universal Music Group, Warner Music Group and Sony Music Entertainment, but is expected to wrap up negotiations and secure those deals soon.
With its acquisition of Beats Music and its parent company for $3 billion last year, Apple already has 303,000 streaming subscribers it will eventually migrate to the new service.
However, Apple reportedly intends to let the new streaming service tempt users away from its download sales, where the average customer spends only $30 per year.
This new streaming service could mean trouble for Jay Z's Tidal. The hip-hop mogul's streaming app was originally run by Swedish company Asprio, but Jay Z bought it for $56 million and relaunched the service in March. Since then, his subscription-only service has been besieged by branding problems, bad press, layoffs and the departure of CEO Andy Chen.
Read original story Apple to Launch Streaming Service to Compete with Spotify, Pandora, Jay Z's Tidal At TheWrap
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