Apple has reached deals with EMI, Sony and Warner Music Group to license the labels' content through a cloud-based service, according to a Bloomberg report. Execs are said to be close to a deal with the last holdout, Universal Music Group.

Though Google and Amazon have both recently launched their own cloud-based music services, AppleInsider reported Apple's service will have a significant advantage in that users won't be required to upload their collections before use.

The Apple-focused blog also suggested the new music streaming service will form the centre-piece of a revamped MobileMe package.