A new rumor claims that online retailer Amazon is in talks with several music labels for a possible launch of its very own music streaming service. It is believed that this new offering will rival the likes of Spotify, Pandora and the newly launched Beats Music service.

It is said that this service will be included with Amazon Prime, thus allowing a large number of users to experience the new service. It is further claimed that the company is thinking of increasing the annual subscription cost of Prime to $119 to accommodate this new service.

Rumors of Amazon looking to step into the music industry have been floating around for quite a while now, with the company hiring several employees and executives from the music industry over the past couple of years.

However, we must realize that this is only a rumor as of now, so we might be reading too much into the company’s alleged talks with music industry officials. However, given Amazon’s willingness to expand into various market segments, this move will not surprise anyone.

• ViaRe/Code