In an ideal world when you purchase a song from an online store like iTunes its lyrics tag should be set, but unfortunately that's not alway the case. Songs purchased digitally have art work embedded, lyrics not so much. A decade ago when you purchased an album the album booklet contained full lyrics for all songs. So it only makes sense that when you buy an mp3 it comes with its lyrics. Something needs to be done about this.
In the meantime an awesome service musiXmatch was launched. It's not just another dodgy lyrics site with the ad banners jumping at you from every pixel of the screen. It gives you access to over 5 million licensed lyrics. You can download the free app on your mobile device. Get the iPhone app from here. Loading song lyrics requires network connection. So it's not instant so to speak but sure beats googling in Safari.
musiXmatch also released a mac app, musiXmatch - lyrics, which runs along your iTunes app to display song lyrics. I hear the future versions of the app will let you set lyrics tags of your songs. I'm looking forward to that! Manually tagging your music library is a time consuming process, not to mention acquired lyrics from random websites aren't always accurate.
I've been following musiXmatch ever since I first heard about them. I started working on my iPhone app Lyrics View while musiXmatch was still in beta hoping I would end up using their API. Since the license details were still unknown I decided to cut the feature out temporarily and release 1.0 version. Well now I know that it will cost me at least USD $20,000 to use the API. I'll have to pass that one up and concentrate on the other features of the app.