iTunes Announcement: Cloud-based iTunes coming?

We are only a few hours away from Apple’s “big announcement” about iTunes. As always, all kinds of rumors are going around about this event. Most people expect this event to be about Apple finally getting a deal done to get the Beatles to iTunes. There are certain clues in Apple’s splash page for this event. “Another Day” is a Paul McCartney song, part of his solo album “Ram.” The clocks on that very page could be another clue for this deal though they could also point to Apple launching iTunes Live Stream service.

We have been hearing about the Beatles songs coming to iTunes for some time. It is one of those rumors that never materialized. Today seems to be the right time for Apple. The Wall Street Journal has all but confirmed that will be part of Apple’s announcement today. Apple does announce things in bunches though. TechTree.com reports that Apple iTunes’ latest update includes a line that refers to iTunes Live Stream. The details about that service are not known yet. Could it be that iTunes is moving to a cloud-based service?

We see this device, and the potential iTunes cloud-based service, as a stepping stone for an all-in-one, connected Apple television,

says PiperJaffray’s Gene Munster. Apple finally getting a deal done to offer music from the Beatles on iTunes should make a lot of people happy. But the announcement would be a bit underwhelming without some information about the future of iTunes. A cloud-based iTunes can be a game changer for Apple.

What is your guess?