The renowned broadband and telecommunications company of United States – Verizon Communications is all set jump into “online music & mobile application store business market” to compete directly with Apple. The New York City based Verizon has announced its online store for music and mobile applications.

According to Verizon, its online store for music and mobile applications will offer the downloadable music and mobile applications. It will offer over 5 million tracks, and most of the tracks will come digital-rights management software; the users will be able to play music on multiple devices.

So, the Verizon’s online music and mobile app store will compete directly with Apple’s iTunes store!

The business model of the Verizon’s online music store is based on tiered pricing, like Apple's iTunes store. The tracks will be available for users for $1.29, 99 cents, and 69 cents. The Verizon’s online music store will be launched on April 7.

In a statement, the VP and chief marketing officer for Verizon, Mike Lanman said, "Being the first wireless company to add MP3s to our online media store gives our customers a one-stop shopping experience for all kinds of music -- ring tones and ringback tones and now MP3s. We have long led in mobile music, and together with the new pricing options we will continue to set the standard for the industry."

The “online music & mobile application stores” are increasingly growing into lucrative business market. Apple has seen superb success in this flourishing business market. Recently, Research in Motion has launched its own mobile app store. Now Verizon has jumped into the market. Furthermore, several other companies, like Nokia, Microsoft, Palm, etc. are considering launching their own mobile app stores.