It seems that Apple is looking to compete with the big names in the music streaming business. Per a WSJ report, the company is currently developing a new music streaming service that may rival current services such as Pandora and Spotify.

The Cupertino-based Apple is currently in talks with record labels to get radio streaming rights to the music. The new feature is said to be a radio-like streaming service that will be available in iTunes. Reports suggest that the feature will be rolled out in the coming months.

The yet-to-be-named service will work in the same way as Pandora and Spotify's radio feature, which allows users to choose custom stations based on preferred artistes and songs. Moreover, the streaming service is said to work across all of Apple's devices, including the iPhone, iPad, and Mac and may even be accessible via Windows-based machines.

However, interestingly, this is not the first time that news regarding Apple's venture into the music streaming business has surfaced. Apple first examined the area with a streaming-like game with its iTunes Match product that launched last fall.

The service allows users to scan and match tracks in their iTunes music library across all their devices for $25. However, a catch exists. Unlike Spotify, where users can simply stream any song they choose, iOS users will have to own the music. Steve Jobs' ideology "why rent music when you can own it?" could have been the motivation behind the song ownership idea.

The WSJ report also noted that the streaming service would be free and Apple's iAd platform would be supporting it. Apple, however, is yet to comment on the new service.