Apple is expected to unveil its own cloud-based storage and music streaming service next week after landing deals with major record labels.
The sources said that the company has managed to sign deals with major record labels including Warner Music Group, Sony Music Entertainment and EMI. Apple is also expected to finalise a deal with Universal Music this week.
The service will allow iTunes users to create and store their entire music collection online and access them from anywhere using the cloud. Users won’t have to go through the pain of manually transferring and uploading music. The service will also allow users to store photos, videos and other data as well.
Both Amazon and Google beat Apple in launching their own music storage and streaming service, but they did so without signing deals with major record labels. The lack of copyright licenses has forced both of Apple's competitors to go forward with serious restrictions.
Apple CEO Steve Jobs, despite being on medical leave, will launch the service Monday during the first day of the World Wide Developer Conference in San Francisco.