Apple is on the move, chasing exlusive deals with artists and labels. If the company succeeds, it could offer never-before-heard songs and albums.
Earlier this month, it was reported that Apple is launching a rehashed version of Beats Music at the company's Worldwide Developers Conference (WWDC), which kicks off in June. Unlike Spotify and other streaming services, Apple's service will reportedly cost $7.99 a month, although there are reports that it will abandon the pricing because of disagreements with record labels.
A cheaper music service will immensely undercut the competition, which is why labels are forcing Apple to absorb the losses—something that Apple isn't willing to do. Given the case, Apple needs to rely on another winning card: exclusive deals with artists and record labels. That would be an easy task, now that Apple has Jimmy Iovine and Dr. Dre on board.
According to the Financial Times, Apple is aggressively pursuing exclusive deals with some of the world's best music artists and record labels. Sources told the newspaper that Apple's own music streaming service will not have a free option and will launch in the coming months. Iovine, an award-winning record producer and founder of Interscope Records, is leading the initiative.
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If he succeeds in winning the favor of artists like Taylor Swift and labels like Universal Music Group, Apple's streaming service will feature never-before-heard songs and albums that have not been streamed anywhere else. The music streaming industry is booming. Spotify, currently the number one music streaming service, is heading for an IPO with an $8 billion valuation. The king of hip-hop, Jay-Z, recently acquired Aspiro, owners of WiMP and Tidal, two new players in the music streaming business.