Apple Planning To Launch Beats-Based Music Streaming Service

(RTTNews) - Tech giant Apple Inc. (AAPL) is reportedly planning to launch a new paid music streaming service that uses Beats' technology and music content.

According to tech blog 9 to 5 Mac, the new music service will have an Apple-design but will be using technologies and music content of Beats.

The report says Apple wants to deeply integrate the Beats technology into its iOS mobile platform, iTunes and Apple TV, instead of just installing the Beats Music app on iPhones and iPads. The Cupertino, California-based tech company is reportedly developing new Music application using Beats technology for the iPhone, iPad and iPod Touch along with an updated iTunes application integrating Beats.

According to 9 to 5 Mac, Apple initially considered a $5 per month plan with record companies, however, the company is currently discussing a $7.99 per month plan. The price is cheaper than the $9.99 per month plans from rivals Spotify, Rdio and Google. Pandora's premium plan costs only $4.99 a month.

The new streaming music service could be launched during Apple's Worldwide Developers Conference in June.

In August last year, Apple bought Beats Electronics LLC, a high-end headphone maker and music-streaming service provider for $3 billion.

AAPL is currently trading at $120.01, up $0.45 or 0.38%, on the Nasdaq.