Apple Signs All 4 Major Labels To iCloud; Disappointment Possible

CNet is reporting that they have information saying that Apple has finally reached an agreement with all of the major labels and even some publishers for iCloud.

CNet reports that labels will get 58%, publishers 12%, while Apple retains 30%. They also add that streaming won’t be available on Monday but will be offered “soon”. And at first, Apple will only store music in iCloud that was purchased in iTunes, but Apple is looking to include songs outside iTunes “sometime in the future”.

So, does this mean that we can’t store our ENTIRE iTunes library into the cloud, regardless of where we got it? It looks that way, WWDC’s iCloud portion could be a real let down if we can’t store music that we have ripped off CDs or have purchased from Amazon or elsewhere.

I am hoping CNet is wrong and we will be able to upload our entire iTunes library, but I guess we will find out on Monday…

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