Apple's new TV streaming service won't launch this year as originally planned, according to a new report, but the Cupertino company will still announce a fourth-generation Apple TV at its upcoming iPhone event.

"The company wanted to introduce this year a live TV service delivered via the Internet, but is now aiming for 2016, said people familiar with Apple's plans," reports Bloomberg.

One of the reasons behind the delay is that negotiations between Apple and TV networks — such as CBS and 21st Century Fox — are "progressing slowly," sources say, and Apple is unable to offer content without the necessary licenses in place.

Furthermore, Apple "doesn't have the computer network capacity in place to ensure a good viewing experience," added some of the people speaking to Bloomberg, who asked not to be named.

Apple's TV service is expected to be somewhat similar to Apple Music; users will pay a flat monthly fee to get access to a whole catalog of shows from all of the major networks. The move will allow many to ditch separate cable subscriptions that can be more costly.

Apple was originally planning to launch the service this June, according to some reports, but due to the problems surrounding its negotiations, its schedule continues to be pushed back.

But despite not having the service ready for launch this fall, sources say Apple will still announce new Apple TV hardware at its next keynote, which is expected to take place on September 9.