Apple to Announce Cloud Music?

The company is reportedly close to unveiling a new streaming music service that would allow people to upload and store music on the web.

Apple Inc. will soon go the way of the cloud. The company has reportedly signed contracts with various music labels and producers, and is close to negotiating its final deal, which would allow its tens of millions of iTunes users to upload and store their music on the web, and listen to it on their smartphones, tablets, and computers - also known as "cloud music." Although both Amazon and Google introduced a similar service earlier, Apple's service is thought to be easier to use and has established a niche, thanks to its 200 million iTunes accounts. Apple and the record labels refused to comment, but it's rumoured that the company might announce the new service as early as next month at its annual developer conference in San Francisco.