Apple, Beats Planning Streaming Music Killer

A year after paying $3 billion for Beats, Apple Inc. AAPL is planning a "sweeping overhaul" of its music services, according to a report in The New York Times. The move would put Apple head-to-head with streaming players Pandora Media Inc P and Spotify. Apple is also planning to offer more music on iTunes first, before it is available anywhere else.

The point man at Apple is the Nine Inch Nails lead, Trent Reznor, who was also the chief creative officer for Beats.

Apple is planning to come after Pandora and Spotify on the bottom line, slashing the price of the streaming music service by $2 to $8 a month.

Shares of Pandora have been pressured over the past year, as the stock has shed more than 50 percent of its price. Apple, on the other hand, has undergone a historic run, gaining 62 percent.