Sources say Replay will allow you to re-download music and videos that you already own and may include streaming content.
The folks at AppAdvice.com have learned about a new service that Apple will be launching in the near future called iTunes Replay. According to the site, it's going to be launching in the next few weeks and will give users the ability to re-download older content that they've purchased.
It's also reported that iTunes Replay will let users stream their owned content to Apple TV and iOS devices so you won't have to worry about downloading your music and movies to every device you own.
There's no word yet on a subscription plan for iTunes music or video content, but that would seem to be the next logical step. If Apple could step in with a streaming service that's competitive with Netflix, there could be massive waves in the market.
Source: App Advice