Apple is in talks with major record labels to start a new music subscription service.
The service will allow subscribers to listen to unlimited music for a monthly fee.
Citing sources familiar with the matter, The New York Post said that Apple iTunes chief Eddy Cue was discussing the matter over the phone with top music label executives a few weeks ago.
The new Apple music subscription service will be based on a tiered pricing model ranging from $10 to $15 per month. Issues such as the amount of accessible music content on each tier and duration for which users can listen to the song are yet to be decided.
The idea of selling single songs is appealing to music labels who have been worst hit by piracy and declining sales figures.
An Apple cloud based music subscription service has been speculated for a long time. Apple still has iTunes store, but it has its own limitations. Competitors like Microsoft and Google are already planning to offer music subscription services on their mobile phone operating systems.