According to the report from Reuters suggests, that Apple has finished its work with upcoming cloud-based music service of Apple and ready to push it, basically this cloud-based music service will allow users to store music files on Apple’s hosted servers and then access it from anywhere, not only computers, its main feature is to provide music streaming option to iOS devices, and other mobiles.
Apple Cloud Based Music Service

Apple Inc has completed work on an online music storage service and is set to launch it ahead of Google Inc, whose own music efforts have stalled, according to several people familiar with both companies’ plans.

Apple’s plans will allow iTunes customers to store their songs on a remote server, and then access them from wherever they have an Internet connection, said two of these people who asked not to be named as the talks are still confidential.

In the report they also said that Apple has already secured an agreement with record labels for their cloud-based music system, well if we digg in history of Apple, than we came to know that Apple typically announcing new music based technology in its September music and iPod event, we have already heard from sources that Apple may release its upcoming iOS 5 in September which have to include major Cloud Based features.