Apple Is Ready to Launch iTunes in the Cloud

According to Reuters sources, Apple has finished its online music storage service and is getting ready to launch it. Apple's plan is to allow iTunes users to put their songs on the cloud and then stream them to their phone. Looks like the seeds of Apple's cloud are beginning to take shape.

It's strikingly similar to what Amazon just did with their Cloud Drive and what we think Google wants to do with the long-expected, still-not-here Google Music (sources say Google hit a snag because they're unsure what they want: a music locker or a music streaming service). Apple hasn't told any of their record label partners when they plan to launch their music locker and they haven't signed any new licenses for it but major music labels are hoping to land deals before it's officially launched.
[Reuters]