In a report today, Bloomberg claims that Apple is set to overhaul iTunes by the end of the year by more closely integrating iCloud support and adding improved sharing features. Bloomberg is light on exactly what deeper iCloud support will entail, focusing instead on the fact that Apple wants to make it easier for users to manage and organise all their libraries of music, videos and applications. It’s also insinuated that Apple may yet carve more features out of iTunes and into separate apps, like the new Podcasts app that Apple released earlier this week.

The other half of this overhaul relates to how users find new content on the multitude of content stores that Apple runs. According to Bloomberg’s sources, this will entail making it easier to share songs and even allowing “users to listen to a song sent to them from a friend for free”. A big part of the improved sharing will no doubt be the baked in Twitter and Facebook sharing options that Apple showed off in their iOS 6 preview at WWDC. The new sharing features are also likely to replace Ping, which according to a report by John Paczkowski of AllThingsD earlier this month, is set to be removed from the next major version of iTunes.

Bloomberg refutes suggestions that Apple will offer a music subscription service like rdio or Spotify, but notes that music labels have been urging Apple to do so.

[via Bloomberg]