WWDC 2011: Apple and Universal Sign Deal for iCloud Music Service

Apple announced that they're going to launch a service called "iCloud" at WWDC this year and speculations have been going around that it's a music based cloud service. Apple hasn't confirmed anything yet but to add to speculations, it's been revealed that Apple's signed a deal with Universal Music Group for iCloud. Apple's already reportedly signed deals with Sony, EMI and Warner Music Group and has agreements with many publishers. Device convergence for music? A few details on the service have emerged, as well. For instance, the percentage break up of revenue from the service will most likely be: Labels 58%, publishers 12% and Apple 30%. Amazon's Cloud Player and Google Music are similar services, but the difference is that Amazon and Google's services basically act as cloud lockers where users upload their music to access it on their other devices like phones and tablets. Apple would let users store their purchased content on Apple's servers and no uploading would be required. The service is reported to cost users $25 per year.