Apple Reportedly Inks Sony Deal, Paving Way for iRadio Debut (AAPL, SNE)

long-awaited, long-rumored streaming music service could be ready in time for a Worldwide Developers Conference presentation.

According to

,

-- the last of three record labels Apple needs to secure before its music service can launch -- has signed a deal that will allow the iRadio concept to become a reality. AllThingsD estimated that Apple will announce the new service on Monday, June 10, but noted that there may be other obstacles the company must overcome before it officially launches. For starters, it is unclear if Sony/ATV -- the music publishing division that is separate from Sony Music -- has also signed on for iRadio. Even if those negotiations continue next week, Apple could still be able to unveil the service during WWDC. Jasmine Lu, an A/P Hardware Technology analyst with Morgan Stanley, told Benzinga that while she is not an expert on Apple's software development, there are signs that the company is ready to make an announcement. "…The talks with supply-chain seem to suggest that," she told Benzinga via e-mail. While Apple is expected to

iRadio next week, the company may not launch it until iOS 7 is released this fall -- likely on the same day that the iPhone 6 or iPhone 5S will be released. Despite the hype for Apple's rumored music service, not everyone is convinced that iRadio will be a game-changing addition to iOS. "That's not what is going to drive earnings," Brett Golden, President and co-founder of

(a provider of quantitative advice solutions for retail and institutional investors),

. "How much does iTunes drive earnings? It's extremely meaningful in terms of any other company, but that's not what's driving the price of the stock or expanding the multiple. I don't think iRadio is going to expand the multiple either." iRadio is expected to be more advanced than

but contain fewer on-demand features than a full-service music app like Spotify. This could be bad news for Pandora, the world leader in online radio. However, it might also mean that Apple will fall one step behind Spotify.