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The people behind Spotify, the Swedish music streaming site with a library containing millions songs, have unveiled an application for the iPhone which is set to launch in the near future.

On their blog earlier today it was announced that Spotify had “put the finishing touches to a very special project” which will eventually allow the potential for users to download content directly onto their iPhones and therefore seemingly place itself in direct competition with iTunes.

The free music streaming site which launched in the UK in February now has over one million in users in the UK alone and looks to expand upon this through the move into the iPhone market.

Spotify users have the choice to sign up to “Spotify Premium” a service that for £9.99 allows playback without adverts and  Spotify have announced that the iPhone application will only initially be available for those subscribers.

If approval is gained from the iTunes AppStore for its initial application, which allows music to be streamed even when not connected to a network, then Spotify could be launched on iPhones in the next few days. 

A move into the as yet untapped American market by Spotify is also thought possible.

Spotify mobile phone video: