ReDigi (ttps://www.redigi.com/) which calls itself the “world’s first online marketplace for pre-owned digital music, has announced an iTunes partnership and the launch of the Artist Syndication Program, a platform designed to directly support artists.
With the iTunes partnership, users now have the option of buying their music new through iTunes on ReDigi.com, making the ReDigi Marketplace a one-stop-shopping destination for digital music. In addition to being able to store, stream, buy and sell pre-owned digital music, ReDigi users can buy new tracks via iTunes.
For the first time in music history artists can profit from the resale of their music in the secondary market with the Artist Syndication Program, according to ReDigi Founder John Ossenmacher. 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, Ossenmacher says. 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.
Later this summer, ReDigi will launch Artist Direct, an extension of its Artist Syndication Program, which will allow artists 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 annuity from their resales.