Nokia could well be gearing up to launch its own mobile music download service, if recent reports in Fortune Magazine are proved correct.

Sources close to Nokia’s CEO, Olli-Pekka Kallasvuo, claim that the new worldwide service could launch on 29th August at a London event featuring live music at the Ministry of Sound nightclub.

They also claim that the system would work much like iTunes, offering downloads of music tracks to a PC for transferring to mobile devices – either Nokia’s own, or others via DRM software.