Is an iTunes Buffet on the Horizon?

Courtesy of Apple

The Financial Times is speculating that Apple is in talks with major labels to add a new way of buying music to the iTunes store.

Apple won't call this rumored new method a subscription model. Steve Jobs has scoffed at the idea of monthly fees, pointing out that people want to own their music, not rent it. Instead, Apple will reportedly offer new iPods and iPhones with the option of purchasing a year of all-you-can-eat access to the iTunes store. When the year is up, you would probably be required to renew the subscription in order to retain access to the music you purchased through this model.

Call it what you like, it's still a subscription service. But it's about time Apple considered offering this type of service for individuals who want it, while retaining the per-tune price for individuals who prefer to buy their music.

According to the Financial Times, what's holding up the deal is an agreed-upon method for how the labels and Apple would split the proceeds from a subscription. I wouldn't hold my breath waiting for the deal to be completed, but I think some type of subscription model will eventually be added to iTunes.