Richfield-based Best Buy Company, Inc., is expanding its cloud-based online music platform to the United States, according to a report by Bloomberg.
The company's service, called Music Cloud, is powered by technology from Beverly Hills, California-based Catch Media, Inc., and currently is marketed in the United Kingdom as My Music Anywhere, Bloomberg reported.
Best Buy hasn't yet formally announced the launch of its service in the United States. Bloomberg based its report on an interview with Catch Media CEO Yaacov Ben-Yaacov. (Some information about Music Cloud also is now available here, and the platform also is available for download at Google's Android application store.)
My Music Anywhere has reportedly been available in the United Kingdom for about a year.
The platform allows users to stream content that they have purchased on a computer, mobile phone, or tablet, rather than having to transfer and/or store files on their devices. According to Bloomberg, the service is comparable to Amazon's Cloud Player and Apple's upcoming iCloud platform.
Best Buy is Minnesota's third-largest public company based on its revenue for the fiscal year that ended in February 2010, which totaled $49.7 billion. The company reported $50.3 billion in revenue for its most recently completed fiscal year.