Labels Say "I Do" to iCloud

June 6th, better known as D-Day, became iDay this year as Apple’s cloud-based music service, iCloud, was rolled out.  Apple’s long-rumored cloud-based music service because the first from the big 3 (Amazon, Apple and Google) to launch with the blessing of all the major labels and the publishers. iCloud will allow users to store their music in the cloud, as well as stream it. Negotiations with rights holders went down to the wire before settling on this basic framework:

• 30% of revenue will go the labels
• 12% goes to the publishers
• Apple keep the remaining 58%

The word “music,” or any related term, is noticeably absent from the name of the service. Apple envisions expending iCloud in the near future to include other forms of content sold through iTunes, such as TV shows and movies.