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Music Labels Received up to $150m from Apple for Signing onto iCloud

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Apple is serious when it comes negotiations, and according to the New York Post, they have paid up to $150 million dollars to have the four major music labels sign on and agree to Apple’s upcoming iCloud service.

Apple will fork over between $100 million and $150 million in advanced payments to the four major music labels in order to get its iCloud off the ground, three separate sources told The Post.

The Cupertino, Calif., tech giant has agreed to pay the labels between $25 million to $50 million each, as an incentive to get on board, depending on how many tracks consumers are storing.

Yesterday we heard about iCloud starting as a free trial for users, then into a $25 annual charge. An executive reitereated these these claims to the NYP. With Apple successfully signing all four major labels onto iCloud, it will be interesting to see what the service will offer on Monday’s WWDC 2011 keynote by Steve Jobs.

[NYP via MacRumors]

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