Google going to take on Spotify?

Just heard about this today.

"Google Inc has signed licensing deals with Universal Music Group and Sony Music Entertainment to launch a subscription music service that would compete with fast-growing start-up Spotify. Google plans to create separate music subscription services to its mobile-focused Google Play store and to its YouTube video website. The deals with Sony Music and Universal, whose catalogs include popular artists such as Rihanna and Bob Dylan, follow reports earlier this year that Google had signed a subscription deal with Warner Music Group."
The Verge Blog

I personally like iTunes still , it has the power in the music industry.
Thanks to Steve Jobs, but without him here anymore it seems Apple is falling behind big time.
IMO iTunes needs to change to a streaming service soon or it will slowly die a horrible death.

What do you guys think, good or bad idea about Google going to this route?

Competition is always good for the consumers, but for the artist it might not be good at all.
For Google to be jumping into the streaming music industry, prices will go down for all of us.
But only time will tell if this was a good idea or not.
Call me old fashion but I still love Vinyl Records, and even cd's for the best quality.
But if I had to choose I would still use iTunes.