According to Bloomberg, Apple is reportedly planning to overhaul iTunes, citing an overhauling that would mark as one of the biggest ever to the store since it’s debut in 2003. Sources with direct knowledge of Apple’s plans allegedly told the publication that the changes will be announced before this year ends. Sources added that Apple will integrate its iCloud service with iTunes so that users can seamlessly access and manage their music, videos, and apps across different iOS devices.

Apple could also launch new features on iTunes for music sharing. Apple’s iTune Store has over 28 million songs and approximately 45,000 movies. Moreover, the App Store, which is also available via iTunes, now offers  more than 650,000 applications. Bloomberg notes that iTunes is critical to Apple’s success, generating nearly $1.9 billion last quarter.

“Any changes will have implications for the media industry, because the store is the gateway for millions of iPhone, iPad, iPod and Mac users to buy music, movies and television shows,” the publication wrote. While this is interesting, today’s rumor is still bleak. One source reportedly said that the planned further integration with iCloud is geared to improve how people will manage their files. Apple declined to comment about the report.

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