In anticipation of the iCloud

(CBS) - Yesterday, Apple Inc. announced in a press release that they'll be unveiling their new iCloud service at the Worldwide Developer's Conference (WWDC) on June 6, 2011.

So those rumors that Apple purchased iCloud.com domain for $4.5 million were true?!

Dubbed "Apple's upcoming cloud services offering," iNerds are in a tizzy. There haven't been many details about the iCloud, but tech nuts speculate that the development could be a new cloud-based music streaming service.

"Cloud computing has proven to be one of the biggest tech trends of 2011," according to ZDNet. "Digital music storage is where the action is." Both Amazon and Google have rolled out cloud drive space to allow users to upload music from their PCs and Macs on the Web. Sony did the same with Music Unlimited powered by Qriocity.

A PCWorld rumor roundup says, "Apple's iCloud will reportedly scan your library for tracks you own and then allow you to listen to the songs online with no need for uploading files as you have to do with Amazon's Cloud Drive and Google Music Beta. But it's not clear whether you'll be able to stream your entire music collection including ripped CDs from the cloud or just your iTunes purchases. Another big question is how much the new cloud service will cost."

Also, CNET reports that Apple is trying to woo Hollywood to iCloud.

So what does this all mean to us users? Nothing yet. In true Apple fashion, we'll just have to wait until WWDC to see what the highly-anticipated iCloud is all about.