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 iCloud.com.
Xcerion, the seller of the iCloud.com domain name used that name as their storage-as-a-cloud service. Xcerion has recently renamed that same cloud service to CloudMe.com.
Apple is working with large record labels to build a music cloud service to compete against the Amazon.com Cloud Locker service. There is a good chance that Apple names the music cloud service something that is unrelated to their domain name purchase.