Qtrax, a firm offering customers access to free, personalised, radio stations has claimed its offer will revolutionise the music industry in a manner akin to the launch of iTunes or subsequent arrival of Spotify.
The advert supported player allows members to download and then stream personalised playlists all from one location, allowing music fans to hear their favourite tracks for free without the need for illegal downloads.
Qtrax has also committed to dispensing 30 per cent of its equity to the benefit of artists and writers to give them a stake in the new business via its artist’s manifesto, with equity allocated over a 10 year period based on the number of plays of specific tracks.
Giving his sales pitch to the Telegraph Qtrax chief Allan Klepfisz, said: “We are aiming for two paradigm shifts. One is to give consumers what they want and are taking illegally and to give it to them in the form that they want it. And two, that artists and writers are being horribly compensated.”
To further sweeten the deal singers and writers will earn an additional 10 per cent in streaming royalties and new artists will retain 100 per cent of their profits from Qtrax during their first year on the platform.