Amazon.comhas reached agreements with the four major US record companies to start a music service that lets users store songs on a remote server and access them online, say industry insiders.

Amazon plans to start the US service in the first week of July, and take it to Europe soon afterwards, say sources.

This will mean that Amazon’s music service will be similar to Apple’s iTunes, letting multiple devices access a centrally stored collection.

Amazon, whose Kindle Fire tablet sells for less than Apple’s least expensive iPad, is seeking to make money by offering higher-margin digital content on the device, such as books, music and films.

Sally Fouts, of Seattle-based Amazon, declined to comment, as did spokespeople for the record labels.

The company first offered a cloud music service in March 2011 that circumvented the need for agreements with individual record companies.

Legally, the service required users to upload tracks to Amazon’s servers, a lengthy and cumbersome process. It also had limited playback options. – (Bloomberg)