According to Bloomberg, Apple will unveil substantial changes to iTunes by the end of 2012, specifically addressing music sharing in order to better compete with the ever-increasing threat posed by Spotify’s rapid success.

One feature being discussed would allow for iTunes users to listen to a song sent to them by a friend for free. The only stumbling block is the record labels, with whom Apple is currently negotiating.

iCloud is also said to be playing a bigger role, aimed at better synchronizing iPhones, iPads, and iPods, and multiple libraries.

[via Bloomberg]