This is the REAL gamechanger for Apple: Ex-CEO

Cramer: Own, don't trade Apple

Forget Apple Music… It's the company's hotly-anticipated online TV service that will be a "gamechanger" and help it hit a $1-trillion market capitilization, a former Apple CEO told CNBC.

The comments come after the technology giant unveiled its $9.99-a-month music streaming service – called Apple Music - to great fanfare on Monday, as well as a host of software upgrades.

But while Apple Music was a "big event," John Sculley, who ran the company between 1983 and 1993, said the iPhone-maker's next major growth area would be in disrupting television.

"Apple is going to be a true gamechanger when it comes to reinventing the experience around how we get our video and video services," Sculley told CNBC by phone.

"TV is so ripe to be transformed -- much as music was in the '90s. Nobody likes their cable television. The prices are exorbitant that people have to pay and there is little competition. So the timing is really perfect for Apple to come in with serious innovation."

John Sculley
Adam Jeffery | CNBC

The company already has a product called Apple TV, which allows viewers to use streaming apps such as Netflix and also download movies from iTunes. But media reports suggest that Apple is planning a new internet TV streaming service of its own to rival the likes of Netflix.

Some had expected Apple to unveil this at its Developers Conference on Monday, but it was reportedly not ready, according to a report by the New York Times.

Apple's service would have around 25 channels from broadcasters such as ABC, CBS and Fox, according to a Wall Street Journal story in March, as well as on-demand programming.

'Bigger deal' than Watch

Apple certainly wouldn't be the first to launch such a service, however.

Sony unveiled the PlayStation Vue streaming video platform earlier this year, with prices starting at $49.99-per-month for 50 channels. Meanwhile, Dish Network offers a $20-per-month Internet service called Sling TV. These products allow users to watch cable TV from their smartphones and tablets.

Getting content rights and signing deals with major broadcasters can often be a tough process, but pointing to the success of iTunes -- where Apple convinced record labels sell singles unbundled from albums -- Sculley said the company would bring a similar transformation to the TV industry.

Apple unveils its music streaming service

"Big video content players will join in with Apple because people realize the way we get video today is complex," he said. "And nobody is in a better position to be the change agent for that than Apple. To me, that's a much bigger deal than coming out with an Apple Watch."

The Apple Watch is just one of the company's efforts to expand its product range. It currently has a market capitilization of $734 billion and analysts are now eyeing the $1-trillion mark.