This is a cool idea. This new company, Bix, started by the guy who build epinions, is going to pretty much move American Idol online, except without obnoxious hosts. The idea is to hold online contests, where maybe everyone pays an entry fee and the winner gets a chunk, or things like that.
Let’s see … combine YouTube with American Idol, tempt people with the idea of getting “discovered”, and sell advertising everywhere? That sounds like a business model that could work for a while.
Plus, if it gets big enough, maybe some cool bands will get discovered that don’t sound like they were manufactured for MTV. I think the musings at BoingBoing that suggest this could kill the recording industry are a little far-fetched, but giving up-and-coming musicians and whatnot a lower barrier to entry into the market sounds good to me.