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The part music player, part content store is expected to receive a much-needed update in the coming release of iTunes 11. Since iTunes in the Cloud and iTunes Match were launched, the current version of iTunes has grown rapidly. It could even be included in iCloud, some reports suggest, though some believe otherwise.
iTunes manages your iOS devices. While iPhones, iPads and iPods are all backed up, iOS devices may also have their applications and game settings and data backed up with it. Some even suggested the music player could be redesigned from the ground up, resulting in a cleaner interface with less clutter, and greater flexibility over what one does.
iTunes would have to pull its weight if it is to offer its services on Apple TV, or even an Apple television set. Plus, with a new OS X version, it's only reasonable to include a brand new version of its flagship software with it.