Apple to Unveil iCloud Service Next Monday
Wednesday, June 01, 2022 6:18 AM

Apple Inc. (Nasdaq: AAPL) is said to have reached a deal with major record labels to help launch an online storage service, an offering called iCloud that Apple’s CEO Steve Jobs is expected to unveil on Monday at its annual developer conference in San Francisco.

According to people familiar with the matter, Apple has signed deals with Warner Music Group Corp., Sony Corp.’s (NYSE: SNE) Sony Music Entertainment and EMI Group Ltd. and expects to sign with Universal Music Group by the end of this week. The agreement with the music companies will let Apple offer an easy way for consumers to create and listen to the entire music collection, without manually transferring the music files to the devices. It will be accessible to compatible smartphones and computers, without copying or transferring the files to each devices memory.

Apple is not the first company to come up with such a service, but its standing as the world's largest music retailer and more than 200 million iTunes accounts would give it clout that others have lacked. Google Inc. (Nasdaq: GOOG) and (Nasdaq: AMZN) have created a similar service but so far they have not been able to agree on terms with the record labels.

The iCloud service, according to people familiar with the matter said, is expected to be more robust than those recently introduced by Google and Amazon, which don't have licensing deals with the major labels.

A spokesman for Apple declined to comment.