Online reports and rumors suggest Microsoft are getting ready to join giants iTunes, and online streaming service Spotify to compete in the highly competitive online music market. Recently revealed, Microsoft must feel they can compete with established music giants and try to take a piece of the internet music pie.

Bloomberg reported on the news recently and revealed some important information. Microsoft want to bring the service to the popular Xbox console. It will work similar to Spotify and have an annual fee, there will be also ways to purchase music and store online archives too.

It seems users of Spotify and iTunes have their 'fors and against' with each service. What Microsoft plan to do is build a complete new service which has the best of both worlds using all the features most liked on iTunes and Spotify and fitting them under one roof.

Many are suggesting that this maybe a good move for Microsoft, letting others do the testing and then they come along with a super service learning from others mistakes.

There has been little more said about the plans from Microsoft, other than it will work with their Windows 8 and phones etc. Apparently they have been in talks with some of the biggest labels in music, Universal, Warner, Sony and EMI. Perhaps teaming up with these could prove a successful move for Microsoft.

Microsoft have had a go with the music service before however their 'Zune' music service did not really take off, maybe this time they will get it right. Some reports say that we may see the service appear later this year.

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