Fortune Magazine is reporting that Nokia is launching a hybrid computer/mobile music store, similar to iTunes, in order to blunt the impact of the iPhone's eventual arrival in Europe:

Fortune has learned from sources involved in the project that Nokia CEO Olli-Pekka Kallasvuo will launch the new worldwide service Aug. 29 at a London event that will include live music at the Ministry of Sound nightclub. The new Nokia Web site will let consumers download songs to their PCs and transfer them to mobile phones and other portable music players, similar to Apple's iTunes. Nokia is expected to let users transfer songs to non-Nokia phones using digital-rights-management software.

Head over to Fortune (at CNN Money) to read more details.

(via mocoNews)