Bloomberg reports that Apple is currently negotiating licensing deals with record labels in hopes that it can launch an Internet radio service "within the first three months of 2013." The service would be a formidable competitor to Pandora.
The report cites unnamed music industry sources that would seem confirm Apple's long-rumored internet radio plans. As iTunes music sales slow down, it seems Apple hopes it can give streaming services like Pandora and Spotify a run for their money. Any new service would be very bad news for Pandora because the company's "compulsory" music licenses limit its flexibility in serving songs to users. Indeed, Bloomberg reports that Apple's gunning for something a lot more flexible. [Bloomberg]