This press release caught our eye. First there was digital commerce in virtual goods, so why not a marketplace in used digital goods? And you presumably can’t get cooties from a used mp3 file. ReDigi launches tomorrow. Are you going to check it out? Tell us what you think of it.
ReDigi™, The World’s First Online Marketplace For USED Digital Music Set to Launch October 13th, 2011
ReDigi™ (www.redigi.com), the world’s first online marketplace for used digital music, will open its full beta release on October 13, 2011. ReDigi is transforming the music industry by allowing users to sell their legally acquired digital music files, and buy used digital music from others at a fraction of the price currently available on iTunes.
“ReDigi is a great alternative for kids ages 13 and older who want to build their music libraries without asking their parents for money”
ReDigi is a completely FREE service, meaning no subscription fees, no initiation fees or paid upgrades. Users even get free private cloud storage so they can buy, sell or simply listen to their music anytime, anywhere.
Music fans around the country, including more than 120,000 social network followers, have been anxiously awaiting ReDigi’s release. CEO John Ossenmacher explains, “ReDigi’s technology signifies an important transition in the digital space, beyond the scope of what anyone thought was possible. By allowing consumers to sell their used digital music, we are giving digital goods a resale value for the first time ever and opening a new realm of what is possible in the digital age.”
By giving digital music a resale value, ReDigi gives people the opportunity to buy and sell the songs they love. Just as one person may be done listening to a song, someone else may just be discovering it. “A piece of music lives through many cycles and generations, and it is rediscovered all of the time. The beauty of the secondary market is that it connects old fans and new fans, and ReDigi allows this synergy to prevail in the digital space,” said Ossenmacher.
ReDigi’s mission goes far beyond just giving digital goods value in the secondary market; it also actively supports the music community. In the past, artists and labels were left out of the loop and went uncompensated if their music was resold online or at second-hand stores. ReDigi is changing this paradigm and giving artists and labels a significant portion of all proceeds from the sale and each subsequent resale of their music.
In this way, ReDigi is making strides to help revive the music community, which has struggled to find its footing since transitioning to a digital platform. “We are excited about the innovative programs that we have created to support artists and labels,” said Ossenmacher. “As we move forward, social responsibility will remain one of our highest priorities.”
A team of top programmers, including former MIT faculty and graduates, built ReDigi from the ground up. Part of its genius is in its revolutionary technology that transfers an eligible digital music file from one user to another without allowing multiple copies to exist at the same time. This is a massive breakthrough in the digital era, and gives users the ability to buy and sell used digital music direct from one fan to another.
ReDigi’s forensic Verification Engine analyzes each music file uploaded for sale into the ReDigi marketplace to verify that it is eligible for resale, accepting only previously, legally downloaded tracks (excludes songs ripped from CD’s). Once a track is deemed eligible, the ReDigi Music Manager–the platform that allows users to access the full range of ReDigi’s offerings (compatible with both PC and Mac)–automatically removes the music file from the original owner’s computer and synced devices. This process is even superior to the secondary sale of a CD in that it ensures that there are never two owners or copies of a single digital music file.
How To Use ReDigi
ReDigi is user-friendly and intuitive making it simple to buy and sell digital music with the click of a button. When a user signs up for their free account they will be given instant access to the marketplace where they can buy music and store it for free in their ReDigi cloud space. Users can buy music from any computer or mobile device and download it onto their own computer later.
To buy music, users can search over 11 million songs already in ReDigi’s catalog. Searches can be done by song, artist, album, or by browsing multiple charts to discover new gems.
Once a desired song is chosen, the user is given the option to buy the used (previously owned) or new (not previously owned) version of the track. If the used version of the song is out-of-stock, an order can be placed for the next available copy. Those who don’t want to wait can immediately buy it new from ReDigi.
To sell music, users must first download the free ReDigi Music Manager. From there, users simply drag the songs they wish to sell from the Music Manager or their preferred computer library (iTunes, Windows Media Player, etc) and drop them onto the ReDigi icon located on their desktop.
Tracks that are eligible for resale will be removed from the seller’s computer and all synced devices, stored in the ReDigi cloud, and offered for sale on ReDigi’s website. When the song is purchased, the track and license will be instantly transferred to its new owner. The ReDigi Music Manager makes it easy for users to keep track of all their sales.
Resale eligibility is determined through ReDigi’s forensic Verification Engine. Only legally acquired digital music files being sold by the authentic license holder are eligible for resale.
“It is a bit like CSI: ReDigi,” said CTO, Larry Rudolph. “In addition to the obvious, there are many subtle clues that determine resale eligibility of each track. We are extremely cautious and our technology is incredibly thorough in determining the eligibility of a music file.”
Songs that were ripped from a CD, vinyl record, tape, or some other physical medium are not accepted. “Ineligible tracks are simply returned to the user’s library, no questions asked.” adds Rudolph.
ReDigi Credits and Coupons
ReDigi credits can be used to buy music through its community marketplace. Every time a user sells a song through ReDigi, he or she will be given credits, which can then be used to purchase new favorites. Users can also buy ReDigi credits using a credit card or PayPal account.