And that's not all: Boinc, part-owned by Rupert Murdoch's News Corp, is also understood to be in advanced talks with EMI and Universal for global licensing deals - as well as PRS for Music over a UK agreement.
Sony and Warner have signed over access to their catalogues' recording rights to the New York-based company, formerly known as Beyond Oblivion. PRS, Universal or EMI
would not comment on their separate discussions.
Boinc carries no download charges, monthly subscription fees or ads. It will be built into a range of PCs, smartphones and other music listening devices and will also be available as a paid-for application on iPhone and Android smartphones.
"We hope that we will be able to announce global deals with EMI and Universal within the next two to three weeks," said Boinc founder Adam Kidron, who added the company was also in advanced talks with a number of independent labels.
The service will pay 70% of its annual revenues to rights holders, as well as a royalty fee each time their music is played. Kidron claimed it would even pay royalties for illegally downloaded tracks, ripped to Boinc, if the service could identify the work.
News Corp invested $9.2m (?5.6m) for a 23% stake in Boinc in April 2010 and a further $2m in March, as part of a $77m funding round led by the charity foundation, the Wellcome Trust.