It was fun while it lasted: Lala, the cloud-based music service (and former CD trading service and streaming radio service), has announced it will cease operations on May 31, 2010.

It was fun while it lasted: , the cloud-based music service (and former and ), has announced it will cease operations on May 31, 2010.

Back in December, for an undisclosed sum, which led to speculation that Apple would introduce over-the-air streaming at some point for its iTunes app and iTunes Store.

According to the Lala site, all of the money existing users have spent on Web songs, wallet balances, and unredeemed gift cards will convert to iTunes credit. Users who refuse that option will receive refund checks. (If only every service to shut down offered that kind of deal.)

I reviewed the service several times in the past for PCMag, and found that it offered some seriously inventive technology in its various incarnations, even as it fought . Here's hoping the team at Lala fares well in its new endeavors with Apple--and that they help take iTunes to the next level.

An Apple spokesman said the company does not "comment on future plans."

Originally posted to AppScout.

Editor's Note: This story was updated at 12:30pm Eastern time with comment from Apple.