musicdonations.net
by Pace on October 9th, 2007 @ 3:57 pm in
Ethical Entrepreneurs
Radiohead’s newest album, In Rainbows, will be released online on October 11th, and fans can choose how much they wish to pay for it.
I predict that this will be the wave of the future for music. Music is already easily accessible for free; the only remaining solution for musicians is to trust your customers and ask nicely to be compensated for your work.
This reminds me of a startup idea I had a long time ago, which is still viable to the best of my knowledge. Start up a website, like musicdonations.net or something. Allow the user to enter the names of musical artists and amounts of money they wish to donate to each artist. Process the payment using PayPal. Behind the scenes, have a process to contact the artists and verify their identities.
Profit can be made either by ads (opt-in only, customized for the artists you like) or by adding a percentage fee for each donation. I think that music sales in the future will have a model like this; musicdonations.net is just a patch until the industry catches up.
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