Can Amazon Peel Off Apple’s Revenue?

Apple (NASDAQ:AAPL) already faces stiff competition from Google (NASDAQ:GOOG) and other established names in the industry, as well as a set of upstarts whipping up new products, app portfolios, and even new operating systems. Amazon (NASDAQ:AMZN) has been particularly pesky, and the Internet retailer may bear down on Apple a bit more with an updated app.

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Amazon and Apple have been a testy duo for a while now. Amazon’s Kindle Fire line has been one of the leading competitors against Apple’s dominant iPad, and a fight between the two companies over the app store name went as far as court. Meanwhile, responses from a series of polls released early in February showed Amazon as the highest ranked company by reputation. Apple had led previously, but dropped to third this year.

It’s clear that the iPhone maker is getting a lot of trouble from Amazon, and one particularly threatening move comes from the retailer’s new cloud player.

The digital music market is growing as traditional purchases of CDs and such at brick & mortar stores decline. Apple has clearly been aware of this, and iTunes was the answer. However, Amazon wasn’t too far behind with its MP3 Store and now a cloud player…