ITunes is clearly a huge moneymaker for both Apple and the music industry.
So you can pretty much rest assured that Apple puts in a huge amount of thought and planning when it comes time to update the popular platform.
According to AppleInsider, Apple is currently working on one of the largest revamps iTunes has ever seen, with tighter iCloud integration expected.
Industry sources claim the new iTunes Store will go live by the end of 2012, allowing users to more seamlessly access their local and cloud-based digital content such as music and video.
"[The new iTunes] includes changes to how users find new material and how they access what they already own on different Apple devices," the sources explain.
Apple is also expected to add a new music-sharing feature to iTunes. Various reports indicate Cupertino has kicked off talks with record companies in an effort to allow users to send songs to friends. Such a feature could potentially make sense for both Apple and record labels because allowing users to share a limited amount content might encourage friends to purchase tracks or albums directly from iTunes.
It's worth noting that Apple tried to add social features to its music store in the past with Ping. However, the platform has essentially failed, with industry watchers expecting the service to disappear in the next version of iTunes.
Last, but certainly not least, record companies are rumored to have asked Apple to offer its own subscription service - similar to Spotify. Personally, I don't understand why Apple wouldn't want to add a music subscription service, as many music fans have been wishing for such an option from iTunes for a very long time.