According to sources Apple is looking at making changes to iTunes, possibly adding iCloud support and new sharing features. The changes are expected to appear before the end of 2012.
A Bloomberg report claims that Apple is in talks with music labels to allow iTunes users to listen to songs for free, provided that they have been shared by a friend. This model has been attempted before by other services but may allow iTunes to remain competitive with opponents like streaming music service Spotify.
Apple has previously been thought to be paring down certain iTunes features in order to streamline the application and a enhanced cloud support and the proposed sharing functions would be another step in that direction.
Source: Ars Technica