Recent reports from The Verge have said that Apple will be launching their own web radio service called iRadio possibly as early as this summer. It has also been said that Apple has made significant progress securing streaming rights from Universal and Warner. An unnamed music industry source told The Verge the following:
Much has been written about Apple's plan to launch a Pandora-esque service this year. Now multiple music industry insiders have told The Verge that significant progress has been made in the talks with two of the top labels: Universal and Warner. One of the sources said iRadio is coming. There's no doubt about it anymore.
The Cupertino California company is trying hard to push for a summer 2013 launch, so maybe we will hear about it when they have the rumored iPhone 5S launch event on June 20th.
Source: The Verge