While browsing I just landed on an amazing site , ganeshane.com. This site lets its users listen to latest bollywood songs for free and too for free at no charge at all.
Ganeshane has a huge database of the latest songs and great oldies as well. The interface is nicely designed and lets users browse the site while listening to songs.
The best thing we like about the site is that it has exclusive applications on all three leading smart phones - iPhone, Android and blackberry. So you can create playlists online and then listen them on your phone.
The android and iPhone application for ganeshane are paid. Do tell us if you like the app.
The service has a great potential as they deliver the latest songs and have well managed mobile applications which could definitely cover a huge consumer market.