After more than a year in beta and a three-month trial on Facebook, the Qloud music service, and its My Music Facebbok application, have officially gone live.

The Qloud My Music application allows users and their friends to stream their entire iTunes library and playlists from various social networking sites. The application has been running on Facebook for three months now, and, according to the company, has registered 1 million users generating more than 120 million streams.

The company expects to expand to additional social networking and access to other types of music services soon.

Qloud is backed by an impressive who's who of digital music veterans as key investors and board members. First is Steve Case, former founder of America Online, whose Revolution LLC is the company offering the Qloud service. Jim Bankoff, former head of AOL's online music properties, will serve as Qloud's chairman. Co-founders include Ted Leonsis, former Vice Chairman of AOL and chairman of Revolution Money and other former AOL executives Toby Murdock and Mike Lewis.

Additionally, former Yahoo Music GM Dave Goldberg, former Warner Music Group exective VP of strategy and business development Paul Vidich, former EMI global senior VP of digital and mobile strategy Tom Ryan, and Island Records founder Chris Blackwell join as investors and board members.