Bloomberg details Apple's rumored radio service, simultaneous iAd revamp

If you believe the rumor mill, Apple is planning to announce its long-rumored streaming music service as a feature alongside the iOS 7 update during WWDC next week, and now Bloomberg has more details on how it might work. According to the report, the entire thing will be free and ad-supported, Pandora-style. It's expected to include similar features for tracking user's tastes and serving up similar songs, with tight integration to iTunes so they can buy a track if they'd like to keep it. Where a bigger change may be however is on the backend, in how Apple deals with its advertising business. A shift in iAd directed by Eddy Cue and recent hire Todd Teresi is cutting some fees out, giving advertises more flexibility in how they buy placements, and will share radio ad revenue with music labels.