Soooo ... in addition to Google being likely to launch a new streaming music service soon, there's news of Google also throwing money on the table for an independent recording label as well. Peter Kafka at AllThingsD is saying that their throwing around $5 million into small label started by "veteran music executive Lyor Cohen," but before you start to think Google will use its billion$ to start snatching up big chunks of the music industry, think again. It's a drop in the Google bucket.
"For perspective: In the first nine months of this year, in addition to the $1 billion it spent on Waze, Google shelled out $369 million to buy 20 companies. That’s an average of $18 million per acquisition. More perspective: Google booked profits of $3 billion last quarter," he said. He expects the formal announcement later this week.