Michael Arrington of TechCrunch is reporting that Google is about to launch a music service. There are few details available at present, and only guesses that the service will be called Google Audio, but Arrington reports that multiple sources have confirmed the launch is imminent.

What not to expect, says Arrington, is a service similar to the one Google presently has in China. This services allows users to search for songs by song, artist, or album title, and download the licensed music files for free. (Why can’t we have that here?) According to paidContent.org, the revenue stream, split with the Chinese music company Top100.cn, comes from ads.

As rumors go this one is not a big surprise: there’s some serious coin to be made in music downloads, and it would have been more of a surprise if Google didn’t make this move. However, the entrant of another heavyweight into an increasingly crowded marketplace, even without Spotify’s impending entrance, raises questions about how many will actually survive.

Update: TechCrunch has come out with the first screenshot of Google's music service, as well as a bit more information on what the service will be like.

TechCruch reports that Google's offering will be a joint effort with iLIke and Lala. The searching is done through a Google portal, while the music streaming is managed by iLike or Lala. Below are the iLike and Lala players:

According to TechCrunch: "The first screenshot shows how a search result might look on Google for a search for “U2.” A picture of the band is to the left of four streaming options for various songs, and the user has the option of listening via either iLike or LaLa. Click on one of the results, and a player pops up from the services that streams the song, along with an option to purchase the song for download."

The expected date for Google's announcement into online music is October 28th.

Image Credit: nthnschrdr/flickr, Googl, TechCrunch