In an increasingly crowded and competitive market, currently dominated by the likes of Spotify and Pandora, Apple will soon introduce its own streaming service in partnership with Beats Audio and Beats Electronics. The electronic behemoth bought the successful Dr. Dre and Jimmy Iovine-founded service in spring of 2014 in what was then Apple's largest financial acquisition ever - a reported $3 billion in cash and stocks.

The new service, titled Apple Music, will use more social media tools to potentially engage users. The tool could allow users to be much more interactive with the prospective artists, allowing daily updates of photos, videos, samples, and tour news. Additionally, and perhaps more importantly, the monthly service will only cost U.S. users $5-$8 - a cheaper rate than any of its aforementioned competitors. It remains to be seen, however, how Apple will fair in what is becoming an increasingly saturated market with many users already satisfied with their current services.

Details of artist pay rates have not yet been revealed. For more information on the service, head to 9to5.