Apple, which eyes for 'a cloud-based storage system of the same name', is rumoured to launch the cloud music service during the Apple Worldwide Developers Conference in San Francisco next week, where its CEO Steve Jobs, who is currently on a medical leave, is believed to be present.
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Xcerion has already moved its 'hybrid cloud computing' service to a new domain CloudMe.com, since iCloud.com now redirects to the latter.
"Apple has reached licensing agreements with three of the four top record companies, including EMI Music, Warner Music, and Sony Music," notes the report.
The report further adds that Apple has filed for trademark rights to the iCloud name on Wednesday.