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Amazon is said to be developing a new music streaming service that will cost just $5 a month — half as much as rivals like Spotify and Apple Music. The service will be exclusively available on its Echo speakers, according to sources.

It's thought Amazon's new streaming service will actually be available in two forms: For $10 a month, users will get unlimited and ad-free access to all the music Amazon has on any compatible device. They will also have the ability to listen offline.

For as little as $4 or $5 a month, users will be able to enjoy a similar experience exclusively on Amazon Echo speakers. This subscription wouldn't extend to other devices, such as smartphones, tablets, and set-top boxes.

"Industry sources say Amazon would like to launch both services in September, but has yet to finalize deals with major music labels and publishers," reports Recode. Amazon won't comment on the claims at this point.

Amazon already offers Amazon Music, which comes bundled with Amazon Prime for $99 a year or $10.99 a month. However, it has a limited library of music compared to rival services, while Amazon's new service is expected to offer a lot more.