Yesterday we mentioned that Apple [AAPL] could be launching a new version of iTunes that would bring both wireless syncing for iDevices and cloud-based music and video. Greg Sandoval of CNET has said that the "soon" mentioned for a launch isn't quite the soon we hoped for as the top four music labels have yet to agree and hand out licences to Apple.
To stream music, Steve Jobs likely needs licenses, and he doesn't have them yet.
Apple however, is believed to have started up talks with the labels so it could be a matter of months or perhaps even longer. We simply don't know for sure just yet.
Another question raised also concerns licensing where Michael Robertson (founder of MP3tunes.com) is currently against EMI in court over a similar issue. He believes he doesn't need a licence to stream music that a user already owns. Depending on the outcome of that case, it could certainly open up the possibility that Apple will follow suit.
Until all these complications are overcome we probably wont see a cloud based version of iTunes.
Full details available over at CNET.