I am very happy to see all of these music startups. My startup idea is one which should help to change the current structure of the music industry for the better, but I'm glad to see that such changes are already happening. Their funding model in particular is quite clever, one that seems eerily similar to one I read in some paper or article a few months ago, where the writer was suggesting precisely the idea of an art funding model in which fans put money towards bands they like to encourage them to continue producing music. It's too bad that I can't find it.
I've been thinking a lot about micro-finance/micro-credit for funding creative content. There are a lot of different possible ways to do it, and this is a nice one... Anything that replaces the labels, the studios, the publishers, etc has the potential for major disruption. But this site is still a middleman.
This is an interesting idea. Although $50,000 is a high price to get an album recorded with a producer. It seems more like a contest then a new music model.
Good news for us:) This must be one of the most exciting industry to be in at the moment.
About time the music industry started to fix itself.