The new service is expected this year.

Beats and Apple are moving forward to develop a new music streaming service to rival current standards such as Spotify, Rhapsody and Rdio, the New York Times reports. The move has been expected by many since Apple bought Beats last year for a $3 billion. The pay service prices are not announced yet, but they will not be lower than any of the rival companies after Apple recently failed to convince record labels to lower licensing costs, according to several music executives who spoke anonymously to the Times. The company is also planning a revamped version of iTunes Radio that may feature regionally specific content.

Trent Reznor, formerly the chief creative officer for Beats, will also reportedly be playing a major role in redesigning the iPhone’s music app. This clears away last year’s rumors that the Nine Inch Nails frontman was leaving Beats following Apple’s takeover.

Meanwhile former Radio 1 DJ Zane Lowe is expected to play a role reconfiguring iTunes Radio, potentially acting as the voice of a geographically targeted offering that would “bear some resemblance to a traditional radio station”, music executives said.

The new service doesn’t have a name yet, but it has been reported that the name “Beats music” will most likely be retired. It is expected to launch sometime this year.

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