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Apple's cloud music service ready to rock and roll (Updated)

A report from AllThingsD suggests Apple has already inked deals with two of the four major record labels for its upcoming streaming music service. Apple's VP of Internet Services, Eddy Cue, is supposedly traveling to New York to complete negotiations with the remaining two music labels as early as Friday (today). This report contradicts an earlier report from Reuters which claims Apple has not yet signed any licensing agreements.

Unlike Amazon's cloud music service, which launched without signing a single licensing agreement, Apple may have the blessing of the top recording companies, such as Universal Music Group, Warner Music Group, Sony and EMI. Industry insiders claim these agreements will let Apple stream higher quality music tracks, offer an improved user interface and incorporate other features that would not be available to Amazon's Cloud Player service.

Industry executives that spoke to AllThingsD confirmed the music service would let iTunes users store their library in the cloud and access it from a variety of devices. Tracks purchased from iTunes as well as tracks stored on the user's hard drive could be added to this online digital locker. No word on when the streaming service will launch, but Apple is reportedly working quickly to tie up all the loose ends.

Update: CNET is reporting that Apple has signed a deal with Warner Music Group to offer its music catalog on Apple's rumored streaming music service.

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