The application, if approved, could be available within weeks according to the BBC. Company officials posted an official video of the application running on the iPhone to demonstrate the capabilities. The application syncs your playlists directly from Spotify and allows you to store them in offline mode. Offline mode will download the tracks to your device so you can keep playing them if you run out of reception or are on the tube etc.
The iPhone Spotify application works over Edge, 3G and Wi-fi. A Spotify spokesperson confirmed to Neowin that only users who pay the monthly £9.99 subscription cost to the premium service will be able to use the iPhone application. The app itself will be free.
Spotify officials originally demonstrated an Android version of the mobile application back in May which is still in development.
For those who haven't heard of Spotify, it is a multi-platform application which provides access to a free and legal barrage of online music. It's a streaming music player which has a similar feel to iTunes. Through it a user can get links to a large number of albums and tracks. Spotify use a peer-to-peer network along with streaming servers to provide their music. For more information on Spotify itself.
Update: Spotify have provided Neowin with a statement after questions were raised whether Apple will approve the application. "We have a great relationship with Apple, think the iPhone is awesome and absolutely expect them to approve our app in the next few weeks. Apple has already approved several other music services such as Lastfm, Deezer and Pandora. We very much look forward to people being able to access their Spotify library wherever they might be and we've spent significant time and resources to ensure we've stuck to Apple's developer guidelines point by point."