In the world of music streaming, Spotify holds the crown for most subscribers, but there might be a large competitor entering the scene in the form of Apple.

iTunes Radio might have not been the success Apple was hoping for, with ads and radio channels making it less useful, especially for people who want to customize stations.

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However, Beats Music seems to have much more potential to affect the industry. Apple will reportedly put Beats Music on more than 750 million devices in the next update.

Making Beats Music available on every iPhone and iPad would be a big power play by Apple, and it seems to follow Apple's modus operandi, which installed U2's latest album to all iTunes accounts for free.

Apple's iTunes revenue is starting to dip, with a 12 percent loss this year. Spotify and other music streaming services are starting to pull in millions of monthly subscribers, showing where the music industry is heading.

It is still unclear whether Beats Music will continue with the same name, or if Apple will rebrand it. iMusic or something of the like would be more convention for Apple, but the Beats brand does hold a lot of weight.

Beats Music currently costs $9.99 for one month or $99.99 for 12 months. The streaming service has most of the top acts available, with a library around the same size of Spotify or Rdio.

Apple acquired Beats Electronics for $3 billion earlier this year. The company reportedly paid $500 million for Beats Music and $2.5 billion for the hardware division, but seems to be more interested in the music streaming service for the short-term.

Rumors have circulated that Beats would develop the next Apple headphones for the iPhone, alongside offering a premium option for Apple customers, which would cost less than the normal Beats headphones.

TagsBeats Music, music streaming service, iTunes