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Edition: U.S. Article Comments (0) Global Technology Summit Facebook looks at China Competition gets ugly in hot mobile games market Google, Apple not unassailable in smartphone race Verizon eyes family data plans European start-ups shy away from IPO frenzy Venture funds look beyond social media Alcatel CEO looks to future growth SAP sees growth from new businesses NXP says demand for NFC chips to soar Video: LivingSocial's Tim O'Shaughnessy on company growth Follow Reuters Facebook Twitter RSS YouTube Read Israeli rebuke of Obama exposes divide on Mideast | 20 May 2011 Predictor of May 21 doomsday to watch it on TV | 19 May 2011 Majority of Americans support gay marriage in poll 20 May 2011 Murder trial of Casey Anthony set to begin Tuesday 20 May 2011 Media zoom in on mystery Schwarzenegger mistress | 18 May 2011 Discussed 276 Obama and Netanyahu face tense meeting on Mideast 81 Israel-Palestinian violence erupts on three borders 69 Boehner says ready to cut budget deal today Watched End of the world as we know it...on May 21 Wed, May 18 2011 Arnold Schwarzenegger's mystery woman identified Thu, May 19 2011 Netanyahu rejects Obama's border proposal Fri, May 20 2011 small business The top 100 business minds What does the head of Al Jazeera and comedian Conan O'Brien have in common? They're two of the world's 100 most creative business people, according to Fast Company magazine. See who else made the list. Full Article VC funds look beyond social media Can a Navy SEAL help your business? Bad weather is big business for startup Apple nears cloud music service with label deals Tweet Share this By Yinka Adegoke NEW YORK (Reuters) - Apple Inc is close to launching an online music storage and streaming service after reaching deals with three of the four major labels and is expected to wrap up the fourth in a few days, according to several... Email Print Related News Verizon eyes family data plans Thu, May 19 2011 Apple plans smaller SIM card Tue, May 17 2011 Sony begins restoring PlayStation after security breach Sun, May 15 2011 Google launches Chrome PCs, takes on Microsoft Wed, May 11 2011 Microsoft to buy Skype for pricey $8.5 billion Tue, May 10 2011 Analysis & Opinion Stop the Scanners: Google halts efforts to digitize old newspapers Tech wrap: Liberty Media eyes Nook e-reader Related Topics Technology » Music » Media » iPad » Steve Jobs » The Apple Inc. logo is seen in the lobby of New York City's flagship Apple store January 18, 2011. Credit: Reuters/Mike Segar By Yinka Adegoke NEW YORK | Fri May 20, 2011 5:33pm EDT NEW YORK (Reuters) - Apple Inc is close to launching an online music storage and streaming service after reaching deals with three of the four major labels and is expected to wrap up the fourth in a few days, according to several people familiar the plans. The iPhone and iPad maker completed work on the new service a while back, according to two people, and will beat Google Inc and Amazon.com Inc in the bid to launch a comprehensive 'cloud' music service. The iTunes cloud-based service will offer users the ability to buy, store and stream favorite songs and albums wherever they have an Internet connection on any device. Warner Music Group Corp was the first to reach a cloud deal with Apple more than two weeks ago and was followed by EMI Group and Sony Corp's Sony Music Entertainment more recently, according to three people with knowledge of the talks. Vivendi SA's Universal Music Group, the largest music company in the world, is "within days of putting pen to paper on the new cloud service," said a fourth person. Spokespeople for Apple and the labels all declined to comment. The big technology companies are vying to be leaders in new ways for fans to access songs and videos. As the sales of physical media such CDs and DVDs fall rapidly, the tech giants are betting they can sell media subscriptions, software and innovative devices linked to these services. While Amazon is the leading e-reader maker, Apple and Google are competing on mobile platforms for smartphones and tablet devices. Apple has discussed plans for a cloud-based iTunes service on and off over the last year with the labels. It stepped up negotiations recently, according to these people. It is now expected that Apple will likely be in a position to announce its cloud music plans in time for the Apple Worldwide Developers Conference on June 6. Steve Jobs, Apple's founder, has in the past unveiled products, including the iPhone 4, at the WWDC. There is a chance the new music service could be ready to launch by June 6, but it would also need deals with song publishers. Apple has opened talks with some publishers, according to two people. Amazon and Google launched music locker services in the past few weeks without new licensing agreements, leading to threats of legal action from some music companies. At the time, Amazon argued its Cloud Drive service does not need licenses and said uploaded music belongs to the users, something the labels dispute. (Reporting by Yinka Adegoke; additional reporting from Poornima Gupta in San Francisco; editing by Andre Grenon) Technology Music Media iPad Steve Jobs Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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