Anyway, I was sitting at dinner today when we came up with an idea: what about a website similar to threadless for music?

Artists would be able to upload songs, which would then be listened to and voted on. Songs which scored highly would then be put up for sale and download, probably at a low fee like $.25 or $.50. The artists would be rewarded at the very least by a monetary prize, and possibly also in royalties of their songs sales. Perhaps the most popular songs could be placed on a CD for release with the bands coming in to record on high-quality equipment.

Potential problems include copyright protection, the above-mentioned royalties, and other stuff which I would love for you to point out. Thus, my question is this:

Do you think this is at all a good idea and feasible to implement? Also, any ideas, suggestions, criticisms, etc, would be nice, and if this has already been done, please tell me.

Thanks.