In what may become the first legitimate contender to Apple's (NASDAQ:AAPL) iTunes, Google (NASDAQ:GOOG) is reportedly internally testing its Google Music service in anticipation of a soon launch.
Cnet said, "Technologically speaking, then, Google Music - a streaming service users would access from Web-connected devices -appears close to being ready. However, the sources said the actual launch is being held up by the lack of one vital component. Music."
Google managers told counterparts at the top four record companies last year that they hoped everything would be in place for a launch by late 2010, sources said. More recently, Google tentatively planned to demonstrate the service earlier this month at the South by Southwest conference.
Negotiations with at least some of the top publishers and with the four largest record labels are ongoing, according to sources. The delays are largely due to the complexity of the subject matter. Google is after cloud music rights and not just for songs acquired from Google Music.
What's certain is the labels want Google to join the digital-music fray. The possibility that an iTunes competitor of Google's caliber will soon hit the scene has music industry executives giddy.
Google was trading at $582.48, down $4.41, or 0.75 percent, as of 1:01 PM EDT.
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