According to the L.A Times who are quoting “sources familiar with the negotiations,” iCloud may debut as a free service but eventually become subscription based. The price? About $25 a year, which is pretty much a steal if you ask us. Apple has been said to share 70% of all revenue generated from iCloud with record labels, as well as 12% with music publishers holding the songwriting rights according to the L.A Times’ sources. The remain 18% will be taken by Apple. The price point seems to be right and even Apple conceded some of the traditional 30% of profits they like to take home from ventures like this. This is all still subject to change but all of the information will be provided next week during WWDC. Hopefully iCloud will be fully functional and also be a useful addition to Apple and not another MobileMe type of deal. The record labels have already signed on board, will you? Let us know what your thoughts and opinions on the subject are by leaving us comments in the section below! As usual, stay tuned for more tech news and info by following us on Facebook, Twitter, and/or subscribing to our RSS feed. Read More Authors: