Update: Apple launched iTunes Match some time ago. It is a subscription service that offers access to iTunes Radio without ads as well as cloud-based access to all of your music on all of your devices. That's the only subscription service currently available on iTunes however which means that you cannot sign up for a flat-fee experience similar to what services such as Spotify offer currently.
Apple has reportedly been in talks recently with senior executives at the major record labels about offering a music subscription service through the iTunes store according to Engadget.
The deal is reported to offer $10 to $15 monthly subscriptions what would offer unlimited music but with pricing that would be tiered depending on how much music you access and how long you'd have access to it for.
There have been rumours about an iTunes subscription service for some time now and, to be honest, it's only a matter of time before Apple and the record labels hammer out a deal.
Apple already have stiff competition in this space, not the least of which is from Spotify which has a huge following that's growing every day. Apple will want to maintain its market dominance and as and when they can launch a subscription service, they won't want to let Spotify maintain the top spot for more than a few weeks.
The reports, which come from Reuters, New York Post and CNET could well be true, but for now we'll reserve judgement. You can be certain though that if a deal is made we'll be sure to let you know here at gHacks.
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Ghacks is a technology news blog that was founded in 2005 by Martin Brinkmann. It has since then become one of the most popular tech news sites on the Internet with five authors and regular contributions from freelance writers.