iTunes revenue has dropped from 70 percent in 2012 to 50 percent this year, forcing Apple to consider drastic options.
When Apple launched iTunes Radio in the U.S. last year, it was warmly accepted by Apple fans. iTunes Radio was basically Apple's response to rising music streaming services like Pandora and Spotify, which all took a large chunk of Apple's money.
Don't Miss: The Best HDR TVs
In spite of Apple's efforts, the booming on-demand music streaming services fueled by the rise of Android diminished music downloads. Android, for example, has a mix of popular radio apps such as TuneIn, not to mention its own Google Play Music All Access.
According to Billboard, Apple is now looking to overhaul its iTunes music store. Specifically, Apple is reportedly planning to launch an on-demand streaming service as well as an iTunes store for Google's Android OS.
“iTunes Radio hasn’t solved the problem of refreshing the iTunes store,” a senior label executive told Billboard. “While listeners are clicking the buy buttons, the traffic it is driving is in the low single digits of listeners.”
As to when they will launch, sources added that Apple is committed to making it happen. Apple, meanwhile, declined to comment on the report.