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iRadio likely to be announced
Thanks to a range of leaks and software investigation, rumors began to swirl last year suggesting Apple was working on a radio-like product — or iTunes streaming — dubbed iRadio. This would rival other third-party apps, such as Spotify and Pandora; both of which offer streaming music services for free and at a subscription level.
Apple still generates vast amounts of revenue from iTunes, thanks to its 30 percent cut in app downloads. Currently there are about 500 million iTunes accounts. The record labels themselves could benefit with around 70 percent of every $1 purchase in iTunes heading in their direction.
The company has also reportedly been in talks with two major music labels to bring its music-streaming service to life. Following the arrival of iTunes Match, iTunes in the Cloud, and iCloud, it could be that Apple is pushing further into the in-house iTunes market it has carved for itself in order to further expand its music offerings.
iRadio, or whatever it may be called, is expected to make an appearance this summer, likely with a later debut.