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This one's going to hurt, so let's all take a deep breath and get it over with: Apple has no plans to launch a cloud-based music service for the near future.
If you need a few moments to yourself, we understand.
AppleInsider reported yesterday that CNET's Greg Sandoval recieved word from music industry insiders that while Cupertino has been in talks with a number of major music labels, there is little likelihood that a cloud-based music streaming service would be available to consumers before the company's third fiscal quarter of the year.
In December of 2009, Apple aquired music streaming service LaLa for a cool $85 million dollars. The company's purchase fueled speculation that Apple was preparing to offer streaming iTunes content in time to coincide with the launch of the iPad. While the lack of the cloud-based music service we were hoping for is a disappointment, you'd do well to keep your fingers crossed: Apple's third fiscal quarter will be here before you know it.