Apple is now one step closer to launching its own cloud-based music storage service for iTunes users, a new report revealed.
According to a Reuters (opens in new tab)report, Apple has signed deals with at least two of the Big Four music labels including the Warner Music Group (WMG) to boost availability of music on the new platform.
Referring to two anonymous sources, Reuters revealed that with this new deal, iTunes account holders will be able to assemble their music files in Apple data centers and stream them over the web on multiple devices.
A previous CNET (opens in new tab) report also stated that a license agreement had been signed by Apple and Warner Music.
Though Apple has not yet confirmed these reports, there is clearly something of a race between Apple and Google, who is trying to secure agreements with record labels before the launch of its own music streaming service, Google Music.
Even if the streaming services don't bring in big profits on their own, the company that provides a stronger music streaming service can be expected to make gains in the lucrative mobile OS and mobile app markets.