Apple is set to launch a new
online music storage and streaming service having reached deals with three of the four major labels, and is expected to sign up the fourth in a few days, according to Reuters.
The company behind the
iPhone and
iPad are believed to have completed work on the new service a while back and will beat
Google Inc and Amazon.com Inc in launching an extensive 'cloud'
music service. With the
iTunes cloud-based service, users will have the capacity to buy, store and stream favourite songs and albums on any device wherever they have an internet connection.
Sales of physical media such CDs and DVDs are in rapid decline and the big technology giants are striving to be leaders in new ways for fans to access songs and videos. Amazon is the leading
e-reader producer, however
Apple and Google are competing on
mobile platforms for
smartphones and
tablet devices. It is expected that Apple will likely be in a position to announce its
cloud music plans in time for the Apple Worldwide Developers Conference on June 6.