According to Reuters sources, Apple has finished its online music storage service and is getting ready to launch it. Apple's plan is to allow iTunes users to put their songs on the cloud and then stream them to their phone.
It's strikingly similar to what Amazon just did with their own music service and what Google wants to do with the long-expected, still-not-here Google Music. As of now, they haven't signed any new licenses for the new music locker service but major music labels are hoping to land deals before it's officially launched. [Reuters]