Apple is planning to launch a Spotify killer that costs less money

Apple is planning to release a music streaming service this year that will go straight after Spotify.

Apple is working on a plan to integrate Beats Music's streaming service into iOS, iTunes, and Apple TV, according to 9to5Mac's Mark Gurman.

Apple bought Beats last May for $3 billion, its largest acquisition to date.

Here's what you need to know:

• Apple is rebranding Beats Music and will ditch its red and black color scheme
• Users will be able to keep their music in the cloud or on specific devices
• The service is rumored to cost $7.99 a month, less than competitors like Spotify Premium, which cost $9.99 per month
• Apple is developing an Android application that will incorporate Beats music streaming
• A source told 9to5Mac that ""Beats integration is not going so well."
• The rebrand has reportedly taken longer than anticipated because of a lack of clarity from Apple execs