Apple bought Beats Electronics for $3 billion in May 2014 with the founder, a rapper and producer; Dr Dre joined the company to works on its music service. Jimmy Lovine, the former chairman of a record label Interscope Geffen A&M has also joined the team. Not long after the purchase, Apple announced that the company will revamp Beats Electronics from a headphone manufacturer and streaming service provider to provide streaming service under Apple.
Beats Music, as it is called now, will be re-launched this summer. There is possibility whereby it will be given a new name as well as there will be 2 subscription plans, $9.99 per month for individuals and $14.99 per month for family.
The company is currently in talks with a few musicians such as Florence and the Machine, a British group which is going to release an album in June; to give Apple limited streaming rights to a track as well as Taylor Swift and others about partnerships.
Tidal, a company providing music streaming service owned by Jay Z and 16 other musicians including Beyonce and Rihanna, is also similar tactics as Beats Music. The company is charging $9.99 for a standard monthly service and $19.99 for high-fidelity.
Another company which is providing the same music streaming service is none other than Google Inc with its YouTube and Spotify Inc. YouTube is well-known as the top destination for music, where you can listen or watch video online. YouTube is free, however, it also offer ad-free service called Music Key at $9.99. Spotify also provides music streaming service where users can listen to the music. It also offers paid version to allow user to download music and ad-free for $9.99 per month.