Apple Music's free trial expires Wednesday

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If you signed up for a three-month trial of Apple Music on day one, Wednesday is your last free day. Apple will start charging $9.99 a month for individual plans and $14.99 for family plans beginning Thursday.

Shelly Palmer, Landmark Ventures managing partner, said that in order for Apple to stay relevant musically, it must have a music service.

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"And if they want to be the dominant player in music, they got to get streaming right," he told CNBC's "Squawk Alley" on Wednesday. "Consumers have very clearly demonstrated that they are way more interested in access than ownership now, and the trend is very clear."

Palmer said he didn't plan to renew his subscription just yet, but could change his mind in the future. "One of the things that Apple does great is make life frictionless," he said. "To the level that they can make Apple Music frictionless, all good."

Competition with Spotify

An Apple Music rival, Spotify, announced a number of new initiatives on Tuesday, including becoming available for Google's Chromecast. Spotify has a free version and a paid version that costs $9.99 a month.

"I think it's really exciting that Apple, who's got a great history in music, has also acknowledged that downloads (aren't) really the way forward and that streaming is," said Jeff Levick, chief revenue officer at Spotify. "And to have them join our ecosystem and to raise more attention and help teach more consumers that streaming music is the future, we're really excited by that."

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Levick said he has seen no change in subscriptions since Apple Music launched. He did say that the attention given to streaming as a result has been positive for his business.

On Taylor Swift's breakup with Spotify last year he said, "In retrospect we would love for Taylor Swift to understand the value of both our free and paid platform, and her audience loves to listen to music on Spotify, and one day maybe she will rejoin us."