What you can do:
- As a FAN: essentially start a label with a portfolio of acts (albeit, owning just a portion of those acts); get paid to review music, finance new artists; get to know artists and be involved in the creative process; trade in artists by buying/selling contracts.
- As an ARTIST: submit 3 tracks, then get 30 reviews. The 20 best rated artists go to the Showcase, by getting fan support they recieve 15K pounds to finance recording of album and they get to keep control of copyright
- As a TRADER: buy and sell artists contracts, make money when the artist does; build a portfolio of great acts and help promote them.
Of course: will it work? And will it help ferret out good new bands? Who knows, but it’s friggin cool. The main issue is whether they are able to hit critical mass. An illiquid market could get pretty boring. And without enough activity on the site, they won’t be able to finance new acts.
It’s definitely a cool alternative the regular route 0f impressing (and then being beholden to) a few head guys at a label. The great thing about all of these tools and online services is that it puts the power much more squarely in the hands of the artists and the fans. It becomes much more of a meritocracy.
(I wonder how many bands without label support have a full time or contracted online promotions guy to manage these various contests and social computing sites….)