Apple is preparing a major overhaul to iTunes with its next release, including new sharing features that will make it easier for listeners to discover new music, says Bloomberg. Reportedly, the company is negotiating with major labels for new rights that would let users listen to friends’ shared songs for free. As it stands, users of Apple’s Ping social music network are only able to share links to 90-second snippets on iTunes. By most accounts, Ping has been an unmitigated failure for the company, and AllThingsD reported the service will be getting the axe.

Apple was also said to be offering deeper Twitter and Facebook functionality in the update, which makes sense considering the system-wide integration that Twitter has, and Facebook is getting, in iOS. Finally, according to Bloomberg, Apple is bringing deeper iCloud integration to iTunes — perhaps along the lines of the dedicated iCloud control panel that 9to5Mac rumored back in April. The full suite of changes are reported to be coming by year's end.