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Apple used today’s WWDC keynote address to announce a brand new service called iTunes Match - which was also referred to as “iTunes on the cloud.”
iTunes Match will scan your iTunes Library and match songs to an upgraded, 256kbps AAC DRM-free file on Apple’s iCloud server. The service will cost $24.99 per year but it remains to be seen what will happen if you stop paying the annual subscription fee.
Apple touted ‘Match as a huge advantage over competing services from Google and Amazon, because while they can take “weeks” to upload your library, iTunes Match takes “just minutes.”
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Apple also touted the service as having the “same benefits as music purchased from iTunes.” Presumably this means that you’ll be able to re-download tracks and see your music history on all of your devices.
Update: Apple has updated its iTunes Terms and Conditions — presumably to address all the new cloud features.
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Update2: Apple has posted it’s iCloud features page.
Update3: Sadly, iTunes in the Cloud doesn’t allow streaming of music to your devices, like Google and Amazon do. Deal breaker?