CNET reports that Universal Music Group has finalized a deal for Apple to offer streaming music through their new iCloud service. Apple will announce iCloud at WWDC next week, which will reportedly cost just $25 per year after an initial free trial period.

the service initially will be offered for a free period to people who buy music from Apple's iTunes digital download store, allowing users to upload their music to Apple's computers where they can then play from a Web browser or Internet-connected Apple device.

The company plans to eventually charge a subscription fee, about $25 a year, for the service. Apple would also sell advertising around its iCloud service.

Music publishers are set to complete deals with Apple by tomorrow, which is the final negotiations needed before the service goes live. According to The LA Times, Apple will be sharing 70% of subscription costs with the record labels, with 12% going to music publishers. Apple will walk away with the remaining 18% to pay for supporting and maintaining the service.

An additional note is that Apple may use iCloud to eventually stream movies, TV shows and more further down the road.

though the service is initially focused on allowing consumers to store their music on Apple's servers, the Cupertino, Calif., technology company ultimately envisions the service to be used for movies, TV shows and other digital content sold through iTunes, said a person knowledgeable of the company's plans.

So who's ready for some iCloud action? And do you think $25/year is a solid price-point to get users onboard? Let us know your thoughts in the comments below!

[CNET, LA Times]