A licensing deal will allow Apple to more efficiently store music in the Cloud (it can store top songs only once rather than once for every user library that contains the song like Google). Apple could announce a product as early as WWDC or at a more traditional music event, like the one Apple usually introduces iPods at in the Fall.
Bloomberg also noted that Apple would need to reach agreements with music publishers, which control different rights than the labels.
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- Apple negotiating unlimited song downloads/permanent music backups for iTunes? (9to5mac.com)
- Apple music locker “ready to go” as iTunes chief signs deals with labels (9to5mac.com)
- Labels playing the Apple card to force Amazon, Google into licensing deals (9to5mac.com)