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It seems like you'd actually want to use UITextView for this instead of UILabel, especially if you want more interesting things like touchable URLs within the text.

But I must admit to never trying that in an iOS project; I'm basing this on what the Mac's NSTextView is capable of.

your code comments are mostly unnecessary. a 'label.text = "my text";' is pretty much self explanatory and doesn't need a comment that you assign 'my text' to a label.
Add a timer with scrollRectToVisible and you've got an iTunes marquee going.