Qtrax believes it has found a solution to improve the way artists and songwriters are compensated from streaming services.
The completely free digital music service combines free downloads with ad-supported online personalized radio and a la carte streaming. The service has racked up a million users since 2011 when it was released in beta, and will soon become an app on the Apple and Android stores.
Qtrax promises to give artists and songwriters an interest in the company equal to a 30% equity stake. Allan Klepfisz, founder and CEO of Qtrax, explains:
“Equity is the only real pot of gold from any of these digital music services, including our own. It’s time that songwriters and artists became owners of these services rather than exploited providers of content.”
Qtrax officially launches in March 2015.