Apple, the creator of the iPod, is hoping to revolutionise the way people listen to music with the launch of its new system known as the iCloud.
Steve Jobs, the company’s chief executive, is set to unveil a new way for people to access their personal music collection almost anywhere without having to actively download the tracks onto a portable device.
The invention is set to spell the end of the traditional record collection.
Music lovers will no longer have to store their favourite tracks on an iPod or computer.
Instead an Apple database will hold records of individuals’ personal musical tastes allowing users to access the songs at will through the internet.
Similar systems have been launched in recent weeks by Google and Amazon but Apple is said to have secured exclusive deals with the world’s biggest record labels giving its users access a vast catalogue of music.
Under deals reportedly reached late last week, the record labels are expected to get the vast majority of the revenue generated, with Apple taking about 18pc.
But the move would further consolidate the company’s dominance if the digital music market.
Users of Apple’s iTunes service will be initially able to use iCloud free of charge but could eventually pay around £15 a month, The Times reported.