Will Apple Start an iTunes Subscription Service?

Is Apple (AAPL) planning to start a subscription-based music streaming service for iTunes users?

In a Friday blog post, TheDeal.com wrote that rumors have cropped up about Apple doing exactly that sometime next month. The Deal pointed to a MacRumors.com post last week which noted that a number of Apple rumor sites have received an anonymous tip about a new service called iTunes Unlimited that would provide streaming music to Macs and iPhones for $129.99 a year, or $179.99 in a bundle with the MobileMe service.

I’d note that MacRumors cautions that “anonymous submissions made to multiple rumor sites are generally false,” and that this is a rumor that has made the rounds before. I’d also note that neither of the two leading music subscription services, Rhapsody from Real Networks (RNWK) and Napster (NAPS), have been a huge success. But if anyone can figure out a way to make money on subscription-based music streaming, you’d think it would be Apple.

AAPL today is down $4.24, or 2.4%, to $172.55, about in line with today’s Nasdaq sell-off.