Apple Quarterly Earnings Lower Than Expected
Apple Quarterly Earnings Lower Than Expected

Apple has signed a cloud-music licensing deal with EMI Music and is close to pacts with with Universal Music Group and Sony Music Entertainment, CNET reported late Wednesday, citing "multiple music industry sources." Warner Music Group is reportedly already on board.

The move means that Apple will follow Amazon and Google into the cloud-music realm - but with licenses.

Negotiations with Sony Music Group and Universal Music Group could be complete as soon as next week, the report said, which means the service could be announced at Apple's Worldwide Developers Conference, which begins on June 6. Apple's full-licensed music cloud would surely hold an enormous competitive advantage over its rivals, given its dominance of the digital music market with iTunes.

Representatives from the labels and Apple declined to comment on CNET's report.

Billboard.biz will have more on this story soon.