iCloud could be the name of Apple's new cloud storage system

Many tech giants have either launched, or are in the process of launching cloud-based storage services for music, media and documents. Fierce competition has moved to the digital world in regards to music especially, and none of the big players want to be left behind. 

Amazon released its Cloud Drive and Cloud Player in March, which offers 5 GB of online storage for free. It also saves MP3's from Amazon's store automatically to the cloud along with other uploaded files like music, photos, movies and documents. Amazon customers can also upgrade to 20 GB for one year through the purchase of an MP3 album from Amazon.com. But Amazon encountered legal issues with record labels when it failed to obtain new licensing rights. Amazon has since met with these labels to discuss legal matters.  

Google was expected to launch a cloud storage service as early as last Christmas, but held off due to its licensing-related search for a subscription service. Currently, Google is still in talks with Warner Music Group, EMI Group, Universal Music Group and Sony Music Entertainment. In addition, reports have noted that a change in upper management may be contributing to the delay. On April 1, Larry Page, co-founder of Google, became chief executive while Eric Schmidt was moved up to executive chairman.  

Now, Apple is stepping into the cloud storage ring with a completed online music storage locker that reportedly will be released before Google's cloud system, and reports are saying that Apple will call it iCloud. This tip comes from the rumor that Apple may be the recent buyer of the domain iCloud.com.

Apple's online music storage system will allow iTunes users to store music on a remote server and access it from several different devices.

ICloud.com was originally owned by Xcerion, which is a Sweden-based desktop-as-a-service company. Recently, Xcerion renamed its service CloudMe and bought the domain CloudMe.com on April 5. 

The anonymous source, who is close to Xcerion, said Apple bought the domain iCloud.com from Xcerion for $4.5 million.