Apple has obtained agreements with a number of major record labels to launch a new music service similar to that offered by Google and Amazon.
While Google and Amazon went ahead without a deal with record companies, Apple has succeeded in getting three of the major labels on board according to a Bloomberg report. The service will allow streaming of user's music from the cloud rather than local storage.
EMI, Warner and Sony were said to be on board with the last remaining major label, Universal, yet to be signed. However it's unclear exactly what sort of sevice Apple will ultimately offer.
One option is a a 'digital locker' which will provide access to music users upload which they have not bought on iTunes but such a deal with record labels also paves the way for an unlimited subscription-based music streaming service.
Bloomberg sources suggested that Apple's 6th of June developer's conference may provide some insight into Apple's plans.