Apple's Worldwide Developers Conference is more about changes to its operating system and providing a better user experience, said the co-founder of Elevation Partners, Roger McNamee, on Monday.
"It's about changes to the operating system that allow Apple to differentiate itself relative to Android, relative to any other platform," said McNamee.
The WWDC, which is held from June 8 to June 12 in San Francisco, won't have an immediate impact for investors, McNamee said in an interview with CNBC's "Squawk Alley."
"It's not like a product announcement where we roll something out and we get to sit there and do math today, and figure out what the earnings impact is," said McNamee. "This will be much more subtle but, I think, no less important."
For the past 10 years, Apple's share prices have decreased during the week of the WWDC conference except for last year, according to USA Today.
Apple's stock has been up about 39 percent over the past 12 months, but down 0.34 percent to $128.21 around noon.
"I think Apple as a stock looks like the market," said McNamee. "It's really hard to imagine it continuing to outperform, simply because it's the largest stock we have."
What Apple hopes to get out of this conference is to empower developers and get them excited, said McNamee.
"If you can get developers excited about the platform, that's a big deal," said McNamee. "And the music thing is part of that."
McNamee said the general public will be paying attention to the music industry, which in a sense will help competitors such as Spotify, by bringing the spotlight to the streaming music industry: "I think what Apple is trying to do now is going to get people to pay attention to streaming music."
During an interview on Sunday, Sony Music CEO Doug Morris explained that Apple had the potential to highly promote the streaming service, pump cash in the industry and bring on iTunes' customers, according to Re/code and as first reported by Venture Beat.
"What does Apple bring to this?" said Morris. "Well, they've got $178 billion dollars in the bank. And they have 800 million credit cards in iTunes. Spotify has never really advertised because it's never been profitable. My guess is that Apple will promote this like crazy, and I think that will have a halo effect on the streaming business."