Within the past week or so, rumors have been spreading about Apple purchasing Lala, a website where you can instantly stream music for free as well as purchase.

No ads, no subscriptions — just an incredible catalog of music to explore. Listen to any song or album once for free. Music from major labels and indie labels, all legally licensed. New albums on the day of release, and hidden gems from an artist’s early works.

This could possibly lead Apple into a new direction with iTunes. They could now possibly sell music at a cheaper price as well as allow you to listen to full songs instead of giving you a short thirty second preview. If you would like to read more about this topic, feel free to go to The New York Times website to read the full article. Also, if you would like to learn more about Lala, go ahead and visit them at lala.com

UPDATE: Apple has suposedly purchased Lala for $80 million which isn’t bad considering Lala wasn’t all that big of a company.

UPDATE: Reports are now spreading from TechCrunch that Apple purchased Lala for a mere $17 million. Assuming Lala’s reported cash reserve of $14 million is correct, the company would have only gained $3 million.