Bloomberg is reporting Apple is planning for a major overhaul of iTunes for its next release. The new version will include a new song sharing feature that is designed to make it easier to discover music and fight back against its more social competitors.

Apple is in talks with major labels to extend their rights agreements, so that users can listen to songs shared by friends for free. As it is, the only way to share music is via the company's now dead Ping - but this only provides a 90 second snippet of the song.

Bloomberg also suggests that iTunes will include deeper iCloud integration. Previous rumors have suggested that this could be a cloud-based control panel, from which it's possible to manage devices.