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There have been a number of rumors that Apple is preparing a online music service. Four of the five major record companies have committed their music to the Apple service. It could be launched next month.

A new version of iTunes will utilize the AAC audio format (MPEG4), which allows for Digital Rights Management. Using the MP4 format allows songs to be protected by electronic locks which will prevent them from being played on more than one computer. Apple, however, wants to enable buyers to burn songs onto CDs, which would be one way to bypass the Digital Rights Management issues.

The most interesting rumor is the pricing, which is set at $0.99 a song. That right there sounds good to me!