Reuters is reporting that Apple is pretty far down the road toward launching a cloud based music option. So you store your iTunes on the server and then listen to whatever you want from your iPhone/Pad/Pod or computer. Or possibly Android device, heck, who knows. We've been hearing about this for over a year now but the latest word is that Apple is emboldened by Amazon's approach of just not really worrying about record label permission and going for it on the assumption that the existing rights already cover this. If this is true and it does come to pass (and it should since it makes total sense), this would set up to crush Amazon's service since people rely on iTunes so much already. And of course from music, it could expand to movies and TV.
But Peter Kafka from All Things Digital reports that, unlike Amazon, Apple is actually signing deals with record labels. As such, Apple may be better positioned than Amazon.
I've decided that when I report a rumor, I'm going to include a song from the Fleetwood Mac album Rumours. That way, Stevie and Lindsey and the gang will let you know what's up.