Apple Inc. is expected to introduce a new music-streaming service during its annual developer conference, which starts later Monday in San Francisco.

The event, which is highly watched and will be live-streamed starting at 10 a.m. Pacific, is expected to focus on software, ranging from a preview of Apple’s next-generation mobile operating system, iOS 9.0, to updates regarding apps for Apple Watch.

Shares of Apple AAPL, -3.17% closed down at $128.65 on Friday, but are up about 40% in the last 12 months.

Bank of America analyst Wamsi Mohan said Apple’s stock typically declines 2% to 3% the day of the WWDC keynote, but then performs well in the 30 days following.

Here’s what analysts are expecting:

iOS 9.0 preview

Apple will offer a brief snapshot of the updated iOS 9.0 operating system on Monday. It is expected to include “material updates” to maps and Siri, according to Amit Daryanani, an analyst at RBC Capital Markets, who rates Apple at outperform.

Dan Ives, an analyst at FBR Capital Markets who rates Apple at outperform, said he thinks a potential improvement could be split-screen viewing for apps on the iPad, as well as enhanced security.

Apple Radio and music streaming

Apple is widely expected to release an update to its music offering, including potentially launching a premium streaming music service in conjunction with Beats Music that would compete with Spotify. RBC’s Daryanani believes membership to the service would cost $10, the same as Spotify Premium, but would not include a lower-tier free streaming service.

A streaming service has become important for Apple to offset declining music sales. While iTunes revenue has been buoyed by strong app purchases, music downloads as a percentage of total iTunes revenue have fallen to around 50% from 80% a few years ago, according to Bank of American Merrill Lynch.

Apple TV

Analysts don’t expect Apple to unveil a live streaming TV service as has been widely speculated, due to anticipated delays that could push the service back to late 2015 or early 2016. But they do think Apple could introduce new hardware with Siri integration, and an app store that would, among other things, sell games designed for bigger screens.

FBR’s Ives said he thinks Apple could at the very least introduce expanded streaming TV services, similar to its partnership with HBO Now, announced earlier this year.

Apple Watch

Now that Apple has resolved some of its Apple Watch supply issues and is getting deliveries on track, the company is expected to dedicate time at WWDC to Apple Watch apps.

“We anticipate that Apple Watch apps will be a focal point, with a backlog of orders adding to increased interest on the developer front,” said Ives.

Global Equities Research tech analyst Trip Chowdry said he expects Apple to release a new Apple WatchKit.

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Mac OS X, cloud and software updates

RBC’s Daryanani said updates to Mac OS X could include increased security and customization options. He also thinks Apple could release updated Mac hardware, such as a 15-inch MacBook Pro and a new Mac Pro.

Jefferies analyst Sundeep Bajikar said Apple would introduce advancements to its cloud products at WWDC in an effort to be more competitive with Google, which announced a slew of new cloud services, including Google Photos, at its own developer conference last week.

Google now has “dramatically more advanced cloud services” than Apple, according to Bajikar.

A peek into the future

It’s unclear whether Apple will venture from its usual path and give insight into its areas of innovation, but Ives said he wouldn’t be surprised if Apple at least hinted at an iPhone 7 or larger screen iPad.

Longer-term projects, such as augmented reality and additional automotive-related products, may also be covered on a surface level, he said.

“We believe next week’s event will offer investors a glimpse into Apple’s crystal ball of next-generation product ideas to further expand its consumer tentacles over the coming years,” Ives said.

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