"Apple will fork over between $100 million and $150 million in advance payments to the four major music labels in order to get its iCloud off the ground, three separate sources told The Post," reports our good friend Claire Atkinson in the New York Post.
Atkinson adds that Apple "has agreed to pay the labels between $25 million and $50 million each, as an incentive to get on board, depending on how many tracks consumers are storing."
The story also notes that "Apple yesterday finalized its cloud deals with all labels and their publishing units, according to sources."
Apple’s Steve Jobs is expected to give us more details during Apple’s developer confab this coming Monday, June 6, 2011, in San Francisco. Click here to read other speculation about Apple’s new iCloud service.