'Google Audio' Launch Imminent: Report

Google's music service, which would compete with Apples iTunes, may be just around the corner.
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MOUNTAIN VIEW, Calif. (

TheStreet

) --

Google

(GOOG) - Get Report

is about to launch a music service, according to the

TechCrunch

Web site, a move that would intensify the search giant's burgeoning rivalry with

Apple

(AAPL) - Get Report

.

Citing multiple sources, TechCrunch says that the search giant has spent the last several weeks securing content from major record labels. One source said that the new service has been dubbed Google Audio.

The technology news site said that the service will differ from Google China's music download service and will be available at least within the U.S. At this stage, however, it is not clear whether the new offering is a download or streaming service, according to TechCrunch.

A move into digital music would represent a clear challenge to Apple's

iTunes

empire and would also be in keeping with Google's attempts to expand beyond its traditional search business. The Internet giant, for example, is reportedly

jumping

into the smartphone market with its own Android phone.

There certainly have been signs that the Internet leviathan is

gearing up

for an Apple battle. In August, Google CEO Eric Schmidt

stepped down

from the Apple board, highlighting the increasing

competition

between the two tech giants.

Google has thrown its weight behind its

Android

and

Chrome

operating systems, significantly altering the dynamic between the two companies. In addition to the Android smartphone OS, Google will aim its Chrome offering at the low end of the PC market when it launches next year.

With increasing U.S. Government

scrutiny

of Silicon Valley, there was also speculation that Schmidt's departure was an attempt to avoid additional antitrust attention from regulators. Earlier this month Google confirmed that Apple director Arthur Levinson had

resigned

from its board, averting a potential showdown with the Federal Trade Commission.

Google, which competes with

Yahoo!

(YHOO)

, is also said to be planning its entry into the netbook market, with its first offerings available in summer 2010.

Earlier this week Google also

expanded

its "Gone Google" advertising campaign, to attract customers to its online office software, and recently posted

solid

third-quarter results.

Google has not yet responded to

TheStreet

's request for comment on this story. The company's shares dipped $1.92, or 0.35%, to $549.8 in pre-market trading.

-- Reported by James Rogers in New York