We would have lost money on this bet.  Spotify, the European (and soon global) streaming, "all you can eat" music application has been approved by Apple for the iPhone App Store.  This is significant because Spotify caches streams as well and allows people to download and play paid-for music.  Many had speculated that the application would be deemed competition to the iTunes app store.  

Spotify counts the music labels as its investors (18% ownership).

An Apple spokesperson told Paid Content today:

“The current status [of Spotify] as of right now is it’s been approved and we hope to add the app to the more than 65,000 apps on the app store very soon. We’ve been in constant communication working with the developer and have already notified Spotify that the app will be in the app store very soon.”

Real also has its Rhapsody streaming app in the approval queue.

Apple has been under scrutiny by the US Government and the press lately for its App Store approval process.  Also, Microsoft’s ZuneHD which will be released within the month has a streaming, all you can eat, music service.

Update: Note, Spotify will be available as a premium service only in countries it is licensed to operate in. A US launch is anticipated this year.

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