Strikes deals with major music labels
Apple has reportedly reached deals with three of the four major music labels as parts of its efforts to launch an online music storage and streaming service.
Reuters reported, citing people familiar with the matter, that Apple is close to launching its cloud service and that the deal with the fourth music label is expected to be wrapped up soon.
Apple is expected to unveil the cloud music service at Apple’s annual developers’ conference in San Francisco, which starts on 6 June.
Sources said that Apple is ready with the new cloud service and is hoping to beat Google and Amazon in launching a comprehensive cloud-based music service, which will allow users to buy, store and stream music wherever they have an Internet connection on any device.
The sources added that while Warner Music Group was the first to reach a deal with Apple, EMI Group and Sony Music Entertainment followed. A source said that Universal Music Group is "within days of putting pen to paper on the new cloud service."
Apple has declined to comment on the matter so far.