SONY MUSIC CEO Doug Morris has let slip that Apple will unveil its long-rumoured Apple Music streaming service during its Worldwide Developer Conference (WWDC) keynote.
Speculation has been rife that Apple will show off its Spotify competitor during WWDC, and Morris has confirmed that it's definitely happening.
“It's happening tomorrow," he said during an interview at the Midem music industry festival in Cannes today, according to Venture Beat.
Morris seems pretty excited about the launch, which is understandable given that Dr Dre is likely to make an appearance.
He said that Apple's entry will mark an "amazing moment" for the music industry, saying that he favours paid-for services over ad-based subscription models.
Apple Music is expected to be priced at $10 a month with a three-month free trial period. There will be no ad-based offering.
"What does Apple bring to this? Well, they’ve got $178bn in the bank and they have 800 million credit cards in iTunes," Morris said.
"Spotify has never really advertised because it’s never been profitable. My guess is that Apple will promote this like crazy and I think that will have a halo effect on the streaming business.
"A rising tide will lift all boats. It’s the beginning of an amazing moment for our industry."
Adding weight to the rumours, Apple's head of French content for Apple TV shared a photo on Instagram apparently showing that he has added Apple Music to his responsibilities.
Apple, as of Friday, had reportedly not signed deals with Sony Music, Universal Music or Warner Music, but is still expected to make the announcement at WWDC today which kicks off at 6pm UK time.
Ahead of Apple's impending announcement, there's talk that the firm could be planning to take a smaller cut of revenues from subscription-based apps in a bid to appease regulators ahead of Apple Music's arrival.
At present Apple takes a 30 percent cut of app sales, as well as a 30 percent cut every month when a subscription is renewed.
This move has meant that subscription-based services end up with higher prices in the App Store. Spotify, for example, is £12.99 as opposed to £9.99 on its own website. µ
'Some of us like the misery'
That'll surely affect its credit score