Sony Music CEO confirms Apple will announce streaming service Monday

Sony Music CEO confirms Apple will announce streaming service Monday
Music entrepreneur and Beats cofounder Jimmy Iovine, left, Apple CEO Tim Cook, Beats cofounder Dr. Dre, and Apple Senior Vice President Eddy Cue at Apple headquarters. (Paul Sakuma / Associated Press)

Sony Music Entertainment head Doug Morris has confirmed the music industry's worst-kept secret.

The executive said in onstage remarks Sunday that Apple Inc. will introduce its long-anticipated music streaming service on Monday at its developers conference in San Francisco. 

"It's happening tomorrow," Morris said at the Midem conference in Cannes, according to Venture Beat.

Morris did not give details about features or pricing of the impending Apple music service, but it is widely expected to charge the industry standard of $10 a month for on-demand access to songs. The company is also said to be relaunching its iTunes Radio component.

The development comes after Apple bought Beats, the headphone maker and streaming company founded by Jimmy Iovine and Dr. Dre, for $3 billion last year.

Apple has been working over the days leading up to the developers conference to hammer out licensing deals with major record labels Sony, Universal Music Group and Warner Music Group.

The Cupertino tech giant has seen the digital downloads business shrink in recent years as consumers have turned to streaming companies such as Spotify.

Morris seemed upbeat about the Apple service, which will not include a free, ad-supported on-demand version, saying "A rising tide will lift all boats," Venture Beat reported.

Record companies have long pushed the idea that people should have to pay for a robust on-demand service. Executives have been largely disappointed that more streaming service users have not upgraded to paid subscriptions.

The low royalties from Spotify's ad-supported service have stoked tensions with major artists such as Taylor Swift.

"It's the beginning of an amazing moment for our industry," Morris reportedly said.

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