According to an article over on Intomobile, Spotify is an application that is the best thing to happen to music since Napster, and Spotify is coming to the iPhone.
Basically Spotify you can imagine as an iTunes where everything is free, you simply click a tune and it begins playing, you create a playlist and it is assigned a permanent URL that can be shared.
Here's a video explaining this music app.
http://www.spotify.com/en/#video
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