Bloomberg this evening reports
that Apple and Sony have come to terms on a streaming music licensing deal, leaving the largest label, Universal, as the only one of the big four labels not to (yet) sign with Apple. Earlier this year and again this week, it was reported that EMI signed with Apple.
A licensing deal will allow Apple to more efficiently store music in the Cloud (it can store top songs only once rather than once for every user library that contains the song like Google). Apple could announce a product as early as WWDC or at a more traditional music event, like the one Apple usually introduces iPods at in the Fall.
Bloomberg also noted that Apple would need to reach agreements with music publishers, which control different rights than the labels.