The inclusion of the paid-for Beats service in an iOS software update, which would instantly make it available on millions of iPhones and iPads, could happen as early as March, the daily reported, citing people familiar with the situation.

However, the report claims that Beats Music will be a paid-for service. A subscription to Beats Music currently costs USD 9.99 a month or USD 99.99 for 12 months.

The service, which is likely to be rebranded under the iTunes label, will compete with music streaming services like Spotify, Pandora, and Soundcloud.

The move represents Apple’s first attempt to capitalize Beats since it bought the music streaming service for USD 3 billion earlier this year.

Beats made significant inroads and profits, considering it only entered the market in 2008. Beats' annual revenue is estimated to be about USD 1.5 billion.