As previously speculated, Apple and Beats Music will develop a new music streaming service to rival the likes of Deezer, Rdio and Spotify, a New York Times report has confirmed. It has be rumoured to be in the works for months, since Apple acquired Beats for $3 billion in 2014. 

The two tech pioneers are said to be launching a paid subscription service that will incorporate an upgraded version of the iTunes Radio platform. According to the latest news, Apple did not achieve its goal of getting record label to lower their licensing fees in order to sell its new streaming service at just $8 per month, and higher price tier options are expected to be announced shortly.

The New York Times also revealed that former chief creative officer at Beats – Trent Reznor – will lead the redesign of the iPhone music app. Rumour has it that the fresh new version will feature many of the elements that were present in the original Beats Music streaming app, including the popular 'curated playlists'.