Apple's music service to be called iCloud?

Rumours over the past few months have swirled around the possibility of a streaming media service from Apple.

The speculation has picked up recently amid reports that the company is racing with Google to be the first with a streaming music and video service. But what will the service be called?

Silicon Valley blogger Om Malik may have an answer. He cites an unnamed source in reporting that Apple just purchased the rights to iCloud.com. The deal is not believed to have been cheap either, estimates pegging the domain's cost as high as $4.5m.

As Malik notes, the purchase doesn't necessarilly mean an imminent launch of iCloud, and Apple may have bought the domain for a future launch of a entirely different service.

Still, $4.5m is a lot of money for any company to spend on a domain name if they don't have very big plans for it.