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It seems Amazon has just beat both Apple and Google to the punch as it launched it's music-streaming service just hours ago. More facts are coming in, but here's what we know so far:

-5GB Free space. Uses the Amazon Cloud Drive to store the files.

-Plans above 5GB are priced yearly at $1/GB (20GB for $20/year)

-Buying an album on Amazon (even $2 albums) gives you 20GB for the year

-Newly bought Amazon MP3 songs are stored free (don't count against your quota)

-Ability to stream or download to your device. Note: Songs are streamed at their uploaded bit-rate. No on-the-fly encoding at this time.

-Android app allows auto-download of purchases. Buy a song/album on the PC and download to your device!

-Stream your music on the web or on your Android phone.

We'll update the post as more information comes in!

You can read the press release here: Introducing Amazon Cloud Drive