Reports have previously revealed that Apple is developing a revamped music streaming service which will probably be launched at the upcoming Worldwide Developers Conference next week.
The service will reportedly be named Apple Music, continuing the company's new branding scheme that has seen the company drop the letter "i" from the names that it uses, as seen in the Apple Watch and Apple Pay.
A report has confirmed the name of the service, in addition to revealing additional details about Apple Music such as the monthly subscription fee of $10.
However, Apple will be providing customers with a trial period for three months to let them decide if they would want to keep paying for the service, which will allow them to access unlimited streaming music in exchange for the monthly charges.
The report added that upon launching Apple Music, the iTunes brand of the company will also be undergoing major changes. Specifically, the brand of iTunes will only be applied towards the company's App Store, with all music-related efforts moving over to the Apple Music brand.
With a few days to go before Apple unveils Apple Music, the company is still under negotiations with several record labels over certain terms in their partnerships.
The record labels are looking to acquire a larger portion of the revenue that could be generated by Apple Music, compared to what they are currently getting from their partnerships with Spotify, according to sources that are familiar with the ongoing negotiations.
In the current deals with Spotify, labels are receiving 55 percent the $9.99 monthly rate of the service, with publishers acquiring 15 percent and Spotify earning the last 30 percent. For the agreement with Apple Music, record labels are reportedly looking to receive a share closer to 60 percent.
Both parties are looking to complete negotiations before Apple launches Apple Music at the WWDC, where over 5,000 developers are expected to attend to listen in on Apple's upcoming plans.
It is important to note, however, that Apple Music will not be a direct copy of the services that Spotify offers, as Apple Music will be offering several features to users of Apple products. The integration of Apple Music with the expansive device ecosystem of the company will be one of the major drawing points of the service, as the company continues to ensure that all its products and services work together cohesively.