Apple Streaming Service Imminent

According to Bloomberg, Apple Inc. has been reaching out to major record labels in order to generate support for the rollout of Apple’s new music streaming service, an application that could be here by early next year. In September, speculation that Apple’s October iPad release would yield news of the service’s details — it’s likely to be an app as opposed to a browser-based player — drove down shares of Pandora (though Pandora recovered when the keynote didn’t include details). Apple’s entry into the space would certainly make an impact on the marketplace, which is becoming increasingly crowded with new services like XBox Radio as well as more established services like Spotify, Rdio and Pandora, especially since Apple is working to find ways to get around label restrictions currently imposed on its competitors (via Spin). Given the recent Apple Maps disaster, and the eventual ouster of Apple software chief Scott Forstall, pressure’s on for Apple to deliver a game-changing product.