Browsing friend's music collections via Spotify is a very easy way of discovering new music.
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Pros
Pro Huge collection of music and fast access to newly released songs  
Spotify has over 20 million songs and arguably the largest collection out of its competitors and usually has the fastest access to new music.
The Spotify desktop client allows local music files to be imported with the option of syncing with a mobile device which largely mitigates the issue of missing artists.
Pro Related artists
Helps to find new authors based on your previous picks
Pro Curated playlists
Public playlists on Spotify created by other people are great for finding new music.
Pro Client's functionality can be extended via third-party apps
Spotify desktop client allows for third-party apps. They extend the functionality of Spotify and many of them offer new ways of discovering music. Noteworthy apps include Moodagent, Last.fm, Swarm.fm, ShareMyPlaylists, The Hype Machine, We Are Hunted, Shuffler.fm.
Pro Has a free version 
A free, ad-supported account allows streaming from an extensive library of music.
Pro Weekly Discover playlist uses a great algorithm
A playlist generated by Spotify based on your listening habits and released every Monday. The algorithm used by this playlist is great and stands out from its competitors.
Cons
Con Free account have lots of ads
If you hate commercials, you would buy Premium or go on using something else.
Con Discovery is terrible
The discovery algorithm is poor and does not learn fast enough. Not obvious how to train it.
Con Poor audio quality
There's a high range of bitrates and most of vary from average to bad.