* Content discovery pretty close to how you have it but with a better way to find local acts. I.e. a big read "Find Local" button.
* Have an admin interface for musicians to put concert dates, iTunes links, etc.
* Eventually you could become the one-stop shop for discovering new local acts as and figuring out who is playing in your town on a given night.
As an example you view some guitar video of a dude shredding a Metallica song. You click on it and you see what band he is in, where/when it is playing, songs from the band that you can stream for free(with user ratings), download for a price (or free if they want). That kind of thing.
The reverse of this is also true. You can see a calendar of all of the local acts playing near you. You can click on any act and see all of their fandalism videos as well as all the information I described above.
You should be able to purchase tickets and songs through fandalism.
Monetization
* Take a cut of said ticket and song purchases.
* Very subtle premium ads on the main page advertising shows in your area based on your tastes. Personally I would actually be interested in reading these ads.
EDIT:
Just had another idea which is an addon to my previous idea. A lot of people are coming up with ideas related to Kickstarter. This is a cool concept. I think it would be excellent if Fandalism partnered with music venues so that you have a list of a bunch of different acceptable venues and their seating capacity.
Bands or users could initiate Fandalism campaigns to have a band play a live concert. E.g. I'm willing to put $10 to see this band play live on one of these dates. Turns out 1000 other people were willing to do so as well. Fans vote on which of the 1000 person venue they want to go to. Band gets 5k, venue gets 4.5k, fandalism gets 500 bucks.
I think this plays to peoples' want to be ahead of the curve. How cool would it be to say "Yeah I funded the Red Hot Chili Peppers first concert way before they became famous".