How to Convert Matched Songs in iTunes 12.2
How do you convert songs that have been matched in iTunes 12.2? Previously, you would delete the song and a matched cloud would appear and you could select to download the matched song.
iPhone 6, iOS 8.1
Same thing now! Right click on your song and choose "Remove Download". The cloud will appear then click it and it will re-download the song. Then right click on the song again and choose "Show In Finder". You will see a .m4v file which is the converted better quality version of your original song.