Apple is rumoured to be preparing a new iPhone application called iControl which would allow Apple's phone to access local iTunes libraries wirelessly and seamlessly manage media like a wireless remote control.
The Unofficial Apple Weblog was told by an anonymous source that the application will allow the user to "view videos, play podcasts, listen to music and allow shuffle playback".
Apple developers or licenced third parties could also be developing a similar application which would make use of the iPhone wireless capabilities and could also work as a home automation device and an Apple TV remote.
A Russian website has also provided with more details on the iControl app bundle saying that it is a single localization text file only.
In related news, the editor of Digital Music News reckons that iTunes may capture up to a quarter of the Worldwide music market by 2012 having already sold 4 billion songs already since it was launched five years ago.
iTunes is already installed on nearly 30 percent of all PC worldwide, far ahead of Firefox browser for example and this is bound to increase as the younger generation prefers to purchase digital versions of music tracks.
In the long run, Apple could get much more ambitious and sideline the music industry by becoming an all encompassing online music industry, leveraging on its brand name and existing infrastructure.