The information was reported by "Theverge" from a report posted by Korean website Maeil Business. According to the report Samsung are hoping to launch a service similar to Apple's iCloud service which enables users to store their music, videos and backup their valuable data.
Unlike Apple's service S-Cloud (or Samsung Cloud) won't have any limitations on the type of files your allowed to upload and will give users more than 5GB of free storage. It's also expected to include a number of free music tracks, movies and TV shows, as well as premium content which can be purchased.
No other information is available, but as soon as 3G hears anything more about S-Cloud you'll be the first to know.