Apple will let users store their music in its iCloud digital media service, before charging a subscription fee of about $25 a year for the service, Alex Pham at the Los Angeles Times’s Company Town blog reported Thursday.
Apple struck a deal Thursday with four major record labels, Pham reports. Revenues from the new service will be split between Apple, which will get 18% of revenues; record labels, which will get 70% of revenues; and music publishers, who will get the remaining 12%.
Apple said earlier this week Apple Chief Steve Jobs will detail the new iCloud service at its Worldwide Developers Conference Monday, June 6. The service will face competition from Amazon, Google, and Spotify.
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