Google enters online music store business?

According to many online sources, the spreading of Google empire will not pass the music industry. For now Google will let the users store their music collections on their servers, so that they can stream in on different places and different platforms. Google director of digital Jamie Rosenberg said that they are interested in eventually selling music, by cooperating with publishers.

We have seen that Google transformed every industry that they entered in, so we can only wait and see what will this do to the digital labels business. Will it be a serious blow to today's big sellers (iTunes, Amazon, Beatport)?