Apple will unveil streaming music service on Monday, Sony chief confirms

In the midst of an interview at the annual Midem conference in Cannes on Sunday, Sony Music CEO Doug Morris confirmed Apple's plans to unveil a streaming music service during next week's WWDC keynote address.

"It's happening tomorrow," Morris said of the reveal, according to Venturebeat. Morris offered no further details, but many believe that Apple will largely abandon the now-legendary iTunes moniker and call the new Spotify-like service "Apple Music."

For his part, Morris believes that Apple's entry will jumpstart the streaming business in a way that current players have been unable to.

"What does Apple bring to this?" Morris is quoted as saying. "Well, they've got $178 billion 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."

Morris also praised Apple's move to bring in Beats co-founder Jimmy Iovine —  who is widely believed to head up the new streaming project — saying the two still talk on the phone multiple times per day. Iovine worked for Morris at the Universal Music Group, where Morris served as Chairman and CEO while Iovine ran subsidiary Interscope Geffen A&M.