Google [GOOG] is currently signing deals with major record labels and when the contracts are complete, an MP3 store could be opened to compete with the likes of the iTunes store as well as Amazon store. You will find mp3 soon on Google Music.
it is being reported that Google will open up the store perhaps within the next couple of weeks. This will likely form part of Googles cloud based music service. What we also think, just opinion here, is that Google will also roll this out at about the same time as Ice Cream Sandwich which is expected either later this month or early in November.
It’s interesting to note that Apple is also rolling out iTunes Match which Google could be trying to launch before.
Google declined to comment when asked about the service, but keep checking back as we’ll have the details if and when they get announced.