I think what all these competitors entering organically ( creating their own streaming services from scratch) it shows you that P is still overvalued. If it was under valued then it would be cheaper to acquire than start your own from scratch.
True apple entering the space might enable a lowering of the royalties. But it would also help all the other new competitors. More competition is going to hurt profitability.
This stock already has a forward P/E of 100. That valuation is simply too high for a stock whose long term profitability is so threatened by no real barriers to entry. While some early adopters may be loyal I think most people are going to go for the best service for the least amount of cost.