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Apple, Google, Spotify Plan to Extend Music Offerings, FT Says

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Feb. 25 (Bloomberg) -- Apple Inc., Google Inc. and Spotify Ltd., a European music-streaming service based in the U.K., are pressing ahead with plans to deliver digital music services as early as this summer, the Financial Times reported.

Apple will use remote storage, known as the cloud, to enable iTunes users to back up their collections and get access to them by way of any Apple devices, the newspaper said, citing several unidentified music-industry executives.

Google has told labels it wants to start its own music-download store and is in talks aimed at concluding rights agreements it will need; the company hopes to combine the download store with a digital locker service, so users can keep copies of their media in the cloud, the FT said, citing three unidentified people familiar with the talks.

Spotify is in talks to introduce its unlimited subscription service in the U.S. and potential investors, including Kleiner Perkins Caufield & Byers, a U.S. venture-capital firm, may provide $100 million of funding that would value Spotify at $1 billion, the newspaper said.

Apple, Google and Spotify declined to comment, it added.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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