Google on their way to an online music download service?

More reports are coming in which points towards a possible Apple iTunes competitor from the house of search engine giants Google. According to the research firm Caris & Company Google is preparing to launch a store on the lines of Google Video Beta service which would enable it to sell digital music to their customers.

The research firm said that the search engine giant met with a group of music industry executives and described the private event as merely for “networking”. However, this meeting seems more linked to a possible music store from Google than anything else.

An analyst from Caris & Company wrote in a report: “The music industry is broadly unhappy with the fixed pricing and lack of subscription options at the market-leading iTunes Music Store and likely to support alternative services.”

This service should give Google another platform to test out their Google Payment service, which now powers Google Video Beta and Google Base Beta. For consumers, this would mean more competition in the market and more options to purchase legal music for download for their digital music players.

We would however have to wait for the company to announce their plans.