Apple will likely move fast to roll Beats Music into iTunes
Mr. Garcha said in a statement to shareholders,
With iTunes stores in 123 countries, 425 retail stores, App stores in 155 countries and an army of 800 [million] users, Apple could very quickly scale a music streaming service, given its existing reach and music deals.
Apple already offers iTunes Radio as a streaming music option for iTunes users, iPhone and iPad owners, and Apple TV. Adding Beats' custom curated playlist features to iTunes Radio could help boost the service's popularity among music listeners.
The deal to buy Beats was announced in May and is expected to close before the end of the year. Apple hasn't announced yet what its plans for the company are, but it's a safe bet we'll see Beats Music incorporated into iTunes in some way.
Mr. Garcha is maintaining his “Neutral” rating and target range for Apple's stock between $85.71 and $96. Apple is currently trading at $91.52, up 0.62 (0.68%).
[Thanks to Marketwatch for the heads up]