Sony Music CEO Confirms Apple's Streaming Service Will Arrive on Monday

It seems like the highly competitive streaming market will become even tougher at the beginning of

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It seems like the highly competitive streaming market will become even tougher at the beginning of next week. As VentureBeat reports, Sony Music CEO Doug Morris confirmed in an interview at Midem in Cannes that Apple would be launching their new streaming service tomorrow (Monday, June 8) at its World Wide Developers Conference. Morris appeared to be enthusiastic about the Apple launch and referred to it as a kind of “tipping point” that would accelerate the shift to streaming.

“What does Apple bring to this? 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.”

The following quote from Morris is also worth pointing out:

“A rising tide will lift all boats,” he said. “It’s the beginning of an amazing moment for our industry.”

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