Apple has unleashed its most recent competitor to online streaming services like Spotify, Pandora, and Rdio, “Apple Music.” According to a report from The Verge, executives from competing streaming music companies were bracing themselves for a shock until they learned what the new service is really all about.

Many in the industry believe that Apple Music will become a great success, but high level executives and experts don’t believe that the service will create as many shockwaves throughout the music business as iTunes did when it was released.

The new Apple service will combine elements from iTunes, streaming services like Spotify and Pandora, as well as social elements from apps like Tumblr and Instagram. There will also be a streaming radio channel called “Beats 1,” which will be hosted by radio giants Zane Lowe, Ebro Darden, and Julie Adenuga.

Apple will build a studio at Beats headquarters in Culver City, CA, where it will house Lowe and his production team. The streaming radio service is planning exclusive releases and performances, in an effort to draw in new users.

Apple Music will launch in over 100 countries, including China. The global push is expected to make waves in the music industry, but many believe that other streaming services will be safe from competition. Apple’s new spin on Spotify’s “freemium” model aims to attract new customers to the online music world, rather than stealing customers from the other streaming giants.

It will be interesting to see how Apple fares against its competitors, given their extensive presence in the music industry. Whether it becomes the next Spotify or Pandora, or goes on to fill a new niche of online music service providers is still yet to be seen. We can count on Apple to break out some hefty marketing resources, and can only imagine what the service will look like in a year’s time.