Apple Spent About $4.5 Million To Buy [RUMOR]

Posted Apr 28, 2011

Apple Inc. (NASDASQ:AAPL) is rumored to be building a new service cloud-based music service. There is now some speculation that the new service will be called iCloud. The rumor is based on a tipster with GigaOM that revealed that Apple spent $4.5 million to buy the domain name

Xcerion, the seller of the domain name used that name as their storage-as-a-cloud service. Xcerion has recently renamed that same cloud service to

Apple is working with large record labels to build a music cloud service to compete against the Cloud Locker service. There is a good chance that Apple names the music cloud service something that is unrelated to their domain name purchase.