WHAT IS I THINK MUSIC?
Ithinkmusic enables a community of independent record
labels, artists and retailers to create and sell a catalog
of music to the public. This community can manage and
display content online, network between buyers, sellers,
and creators of music, as well as manage revenues from
the sale of digital music files.
Ithinkmusic provides its user base a complete solution
for the distribution and merchandising of digital music
online. The user base includes professional and amateur
artists and labels, as well as their fans, customers who
buy music and their friends. Ithinkmusic creates an interactive
network of musicians, fans, and music stores that ties
each of them together using the same application to make
online record stores that sell digital content.
Ithinkmusic functions as a digital music content aggregator
and shop creation application. The application offers
the following basic services and features to its users:
- The ability to upload and manage their catalog of
digital recordings onto a central database.
- Tools for creating personal stores that sell any
number of digital recordings listed in the central database.
While digital technology has made the distribution of
files easier for mass retailers, the smaller retailers
find it difficult to compete with a growing market of
larger chains that can offer competitive pricing and faster
downloading rates. In the digital market, it is not yet
cost effective for small independent shops to purchase
and distribute digital content since the margins are too
low to compensate for the a) acquisition of a reasonable
catalogue, b) the delivery of content through high bandwidth
fees, and c) the high cost of developing and building
an online store.
Ithinkmusic corrects this by combining aspects of a number
of existing business models such as content aggregators,
vanity publishing, and selling portals onto one low cost
and easy to use application. This application acts as
an intermediary between users and their customer, facilitating
the delivery of music through the internet and brokering
a payment system between the two while only charging 5%
of every delivery transaction for its services.
Ithinkmusic retailers benefit by offering digital music
at competitive prices as well as by creating deals between
them and the record labels that publish on ithinkmusic.
Record labels using ithinkmusic benefit by establishing
a network of sellers who support their music as well as
being able to sell their music to customers directly,
at much higher profit margins than other services.
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