The day has finally arrived. Apple are set to host their much awaited WorldWide Developer Conference- an event set to launch yet another brand new iOS, updates to the Apple Watch ecosystem and the most exciting one- Apple's new look music streaming service.
Set to be named Apple Music, the new service will retain several features of the Beats music streaming service that Apple acquired last year. The launch may also see Apple bid adieu to the well-known iTunes music brand that was launched way back in 2003.
Apple also seems to cash in on the waning popularity of freemium music streaming which had most artists crying foul over low royalties since last year. By offering subscriptions on exclusive content from popular artists, Apple would ensure increased revenue both for its music streaming service as well as for the artists. Earlier in April, Apple were reported to be in talks with popular music artists like Taylor Swift, Florence and the Machine to sign them up for their popular Beats music streaming service.
The transition from a platform for digital downloads to a overhauled streaming service is sure to set Apple snapping at Spotify's market share. This too at a time when subscription services on music streaming generated a whopping $1.57 billion in 2014 which was a major increase over the revenues generated in 2013 and is set to rise further in the coming years.
With streaming services accounting for 32 per cent of global music revenues, digital music garnered revenue to the tune of $6.85 billion in 2014, overtaking revenues of $6.82 billion from sales of CDs and other physical formats.
The new Apple Music will be included in iOS 9 and if rumours are to be believed, iPhone users could be offered a three-month free trial of the new streaming service.