World’s first marketplace for pre-owned digital music revolutionizes the music industry by compensating artists for secondary digial sales and launches iTunes partnership for new music purchases
Cambridge, MA — June 12, 2012 — ReDigi™, the world’s first online marketplace for pre-owned digital music, made two big announcements today, including the official launch of the Artist Syndication™ Program, a revolutionary platform designed to directly support artists. For the first time in music history artists can profit from the resale of their music in the secondary market. Through the Artist Syndication Program, ReDigi shares 20% of the transaction fee with the artist each and every time their track sells and resells.
Unlike the used record store of old where artists were left out of the loop and received nothing for the resale of their music, ReDigi is the first secondary market for music that compensates artists for the resale of their work. In fact, artists may earn more from the sale of a pre-owned track on ReDigi than from the sale of a new track on other sites. ReDigi believes Artist Syndication has the potential to pay up to a hundred million dollars to syndicated Artists in the coming years through transactions made by their loyal fans.
“Artists have always been a great priority of ours. When the digital landscape eroded album sales and bands were realizing only a fraction of what they previously earned–not to mention streaming, which has compounded this problem even more–we knew we had an opportunity to do something big to reverse this trend,” said Founder, John Ossenmacher. “Artist Syndication provides eligible artists the opportunity, at no cost to them, to realize a wholly new and significant revenue stream generated from the resale of their digital tracks.”
Effective immediately, artists or their management can visit artistsyndication.redigi.com and fill out the straightforward application for the Artist Syndication Program. Once verified and approved, eligible syndicated artists are paid quarterly as their music resells.
“We worked hard to make the user interface transparent, straightforward, clear, and direct — the way it should be,” said CTO, Professor Larry Rudolph. “Our goal is for any artist in ReDigi’s Artist Syndication program to easily see their share of the profits.”
Also today, ReDigi announced that through its iTunes® partnership, users now have the option of buying their music new through iTunes on ReDigi.com, making the ReDigi Marketplace a true one-stop-shopping destination for digital music. In addition to being able to store, stream, buy and sell pre-owned digital music, ReDigi users may now enjoy the convenience of buying new tracks via iTunes. Furthermore, ReDigi users can use the credit they have generated from their pre-owned sales to fund these purchases.
“A used marketplace does not always have the songs you want and so ReDigi allows its users to place an order for a pre-owned song,” explained Prof. Rudolph. “Now, if they do not want to wait for someone to offer that song, they can purchase it from iTunes through ReDigi.com.”
ReDigi continues to expand its revolutionary pre-owned marketplace with new and exciting offerings for artists and their fans. ReDigi is reshaping the digital landscape, giving consumers a new way to experience digital music, and artists a welcome revenue stream that previously did not exist.
Available later this summer, ReDigi will launch Artist Direct, an extension of its Artist Syndication Program, which will allow artsists not currently under contract to sell their music directly on ReDigi. Artist Direct will provide a platform where artists can earn the majority of the proceeds from their new unit sales, as well as an ongoing annunity from their resales.
ReDigi™ is the world’s first online marketplace for new and pre-owned digital music, and a one-stop-shop that allows users to store, stream, buy and sell legally acquired digital music. ReDigi’s patent pending methods are revolutionary. Its highly sophisticated Verification Engine™ ensures that each music file uploaded for storage was legally acquired from an eligible source. The Atomic Cloud™ transfer system enable the transfer of a digital music file between buyer and seller without copying or file sharing. In addition to these technological breakthroughs, ReDigi supports artists directly through the Artist Syndication Program™, a unique platform that, for the first time in the secondhand music market, grants generous payments from each track sold (and resold) directly to the artist who created it.
*iTunes is a trademark of Apple Inc., registered in the US and other countries.
**ReDigi’s new relationship with iTunes pursuant to the iTunes Affiliate Program permits ReDigi to offer iTunes music to ReDigi’s users.