While it is widely rumored that Apple will announce its new Beats-based music streaming service at the company’s annual Worldwide Developers Conference (WWDC) on Monday, June 8, Apple has not confirmed this.

Just a day before the event, comments from one of Apple’s music industry partners essentially confirmed the rumored once and for all.

In an interview at a music industry event at the weekend, Sony Music CEO Doug Morris said that Apple will announce its new music streaming service at WWDC on Monday.

“It’s happening tomorrow,” Morris said during an interview at Midem in Cannes, France, reported Venture Beat.

Apple’s music streaming service is expected to form part of iTunes and is based on Beats Music, technology the iPhone maker acquired as part of a $3 billion deal when it bought Beats Electronics last year. Last week a report indicated that the service will cost $10 per month and feature celebrity artists and DJs, including rap stars Q-Tip, Drake and Dr. Dre, along with BBC Radio DJ’s.

Morris did not reveal details about Apple’s pricing or content, but seemed optimistic about Apple’s entry into the market and expects it to speed up consumers’ shift to music streaming.

“What does Apple bring to this?” Morris said. “Well, they’ve got $178 billion dollars in the bank. And they have 800 million credit cards in iTunes. 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,” he added. “It’s the beginning of an amazing moment for our industry.”

Apple faces tough demands from music labels

Meanwhile, Bloomberg reported last week that music labels, including Universal Music Group and Sony Music, are pushing for as much 60 percent of Apple’s monthly subscription fee.

The labels are using agreements with other music streaming services, like Spotify, to play hardball with Apple. Music labels take 55 percent of Spotify’s monthly $9.99 subscription fee, and publishers take a further 15 percent.

We expect to see Apple’s new music streaming service in the revamped Music app due for release on iOS 8.4.

Image credit: Guilherme Tavares, Flickr, CC BY 2.0