According to a Thursday report form Bloomberg, plans to bring about an improvement in iTunes are apparently underway at Apple, with the company coming up with the major iTunes revamp by the end of the year.

Going by the Bloomberg report, citing unnamed sources familiar with the proceedings at Apple, the planned iTunes overhaul is probably one of the biggest changes to Apple's music-centric service; and it is chiefly aimed at facilitating the users in finding new content easily as well as managing their existing content in a much better way.

Given the fact that Apple has already been negotiating with record labels for rights which will enable users to listen to a song sent to them from their friends for free, it appears that one of the ways that Apple is mulling for improving content discovery is to make sharing of songs easier for the users.

The Bloomberg report revealed that Apple is planning to more closely link its iCloud to iTunes, thereby giving the users the advantage of a much easier access to, and management of, their music, videos, and apps across different Apple devices. The report also hinted, without any elaboration, that there probably will be other new features which Apple will introduce for sharing music.

Meanwhile, it is being speculated that future iTunes versions will possibly discontinue support for Apple's Ping social service; with the social efforts of the company to largely focus on Twitter and Facebook, both of which will be integrated into iOS 6.