Sony Ericsson plans to challenge Nokia’s forthcoming “Comes with Music” service with its own unlimited mobile song download offering, according to a report published in the Financial Times. If true, the service would be announced as early as this month and launch in Europe before the end of the year.

The company is said to be in talks with music labels about the subscription service, with EMI, Warner, and (of course) Sony BMG reportedly onboard with the project – though it’s still unknown if Universal will hop on the music service bandwagon. While there’s been no official confirmation as of yet, the move would certainly help the struggling handset maker, which has seen its global market share fall recently amid renewed competition in the mobile phone industry from the likes of Apple and RIM.