Apple Signs Deals With Major US Music Labels As iCloud Launch Approaching

Apple has signed music deals with all the major US music labels just days before the company reveals the iCloud service.

The iPhone marker had earlier informed that Apple CEO Steve Jobs, who is on an indefinite medical leave by the way, will launch the iCloud cloud based music storage and streaming service at the upcoming World Wide Developer Conference.

Jobs is also expected to announce the iOS 5 operating system for the iPhone, iPad and the iPod Touch devices and the highly anticipated Mac OS X Lion for the Mac line of desktops and notebooks.

Now, according to a report on the Los Angeles Times, the company has finalised the contracts with Sony Music, Universal, Warner and EMI ahead of the launch of the iCloud. The company completed the deals yesterday.

Citing people with knowledge of Apple’s plans, the paper also said that apart from storing and streaming music, iCloud will allow users to store other iTunes content like movies, photos and TV shows among other things.

Meanwhile, a report on the New York Post has revealed that Apple has agreed to pay advance royalties between $25 million to $50 million to each of the record labels.