According to an article by Buinessweek, Apple is set to unveil its music streaming service at WWDC. The service which has been dubbed iCloud will mirror your existing iTunes music library; also, if needed, it will increase the quality of your content.

Armed with licenses from the music labels and publishers, Apple will be able to scan customers' digital music libraries in iTunes and quickly mirror their collections on its own servers, say three people briefed on the talks. If the sound quality of a particular song on a user's hard drive isn't good enough, Apple will be able to replace it with a higher-quality version. Users of the service will then be able to stream, whenever they want, their songs and albums directly to PCs, iPhones, iPads, and perhaps one day even cars.

All of this will certainly come at a cost. Until it is officially announced, we won’t know what that cost will be. Let us assume that it will be a monthly subscription. This would enable Apple to make some money and also pay the music labels a monthly fee. The music labels would then at least be able to claw some money back from music that has been downloaded by nefarious methods and stored in the cloud. You can now see why Apple is getting the blessing of the music labels.

Would you pay a reasonable monthly subscription for this type of service? Is it a better service than Google or Amazon are currently offering? Let us know in the comments!

[Buinessweek via Engadget]