I knew the iTunes era was over, but this quickly? Well, Apple is rumored to been in deep negotiations with major music labels where we would see them launch an ad-supported Internet radio service, like Spotify or Pandora.

Bloomberg reports that the talks could end by the middle of next month, and the service could launch as soon as the first quarter of 2013, said sources who wish to remain anonymous. Apple's new service would see quicker access to new songs, which would help them compete, quickly, against the likes of Pandora.

There are quite a few labels that are reportedly involved, including Universal Music Group, Warner Music Group, as well as Sony Corp's music division, where executives had said to have visited Apple's Cupertino-based HQ over the last couple of weeks. Apple hopes that listeners who are streaming the music would buy the tracks from the iTunes store thanks to its convenience. Automatically generated playlists would also let users listen to music that the system thinks they'll enjoy.