If you’re waiting for Apple to flip on the switch for their much anticipated and often rumoured iTunes: Cloud, you could be waiting awhile.

In the meantime you can get your fill of cloud based music streaming with mSpot. The new Mobile entertainment startup has brought their popular application to the App Store.

The premise of the application is quite simple. Users will upload their music to the cloud, then be allowed to access their music from the desktop and iPhone for free, in a Dropbox sort of way.

mSpot has taken the Dropbox approach to their payment scheme, giving users 2GB of space for free, and then charging for additional space. Currently the company offers 40GB worth of storage space in the cloud for a paltry $3.99 per month.

The application will also automatically maintain and update your library in the cloud as you add music to your computer.

Pretty nifty. The Android version of the application, already in circulation, has had over 1 million downloads, according to TechCrunch.

Article and Image Via TechCrunch