The New York Post is reporting that Apple is paying the four major music labels somewhere up to $150 million for the right to use their content in Apple’s much-rumored iCloud music streaming service. This news follows reports that Apple just finalized a deal with the last of the four major music labels, Universal Music […]
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Apple Reportedly Set to Pay Music Labels up to $150 Million for Rights to iCloud Streaming

Jun 5th 2011 by

CloudComputing-150x150.jpgThe New York Post is reporting that Apple is paying the four major music labels somewhere up to $150 million for the right to use their content in Apple’s much-rumored iCloud music streaming service.

This news follows reports that Apple just finalized a deal with the last of the four major music labels, Universal Music Group. The report also claims that Apple has finalized deals with music publishers as well, this will give Apple full access to the content, although no specifics are currently known.

Although it seems that we know quite a bit in regards to tomorrow’s announcement of iCloud, I believe that iCloud won’t simply just be a service for music, but rather serve as a kind of replacement for iTunes. For instance, it could turn the Apple TV 2 from a box that simply rents movies, to a device that buys movies, and stores them on Apple’s servers. We’ll see what Apple announces tomorrow, with the keynote starting at 10AM Pacific, 1PM Eastern. Check back here at iSource for coverage.

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