Apple unveiled a new music streaming service called iTunes radio on Monday to directly compete with Pandora and Google "All Access." Apple revealed the music streaming service at its annual WWD conference as part of its overhauled mobile software called iOS7.

iTunes Radio is one of the more highly anticipated new features in the revamped iOS mobile platform, and is free with ads across many Apple devices including iPhones, iPads and even Apple TV. The new iTunes Radio feature and iOS7 will launch in the fall. 

Apple Inc. (NASDAQ: AAPL) closed Tuesday's session down 1.29 percent at $437.60 a share.