Nicholas Longano, former executive of Vivendi Games, and Grammy Award winner Rodney Jerkins, are teaming up to work on creating a new virtual World for musicians and fans.
Dubbed "Music Mogul", the site will offer online games, video streams of live performances and social networking features, as well as giving real-life rewards to users. Users will also be able to upload videos of themselves performing for the chance to win a three-song demo deal with Jerkins' Darkchild Productions.
However, according to Reuters, Music Mogul will "retain ownership of any user-generated videos uploaded to the site", a clause that may prove to be quite unpopular with users. Earlier this year Google Chrome sparked some mild controversy when it was discovered that it's EULA contained a similar clause, before being removed the next day.
Access to Music Mogul's social networking features will be free and ad-supported, however users will be charged to "attend" events as well as to upgrade their avatar and living quarters. A monthly subscription will also be offered, giving users access to all events and avatar upgrades.
Musicians will be invited to create celebrity "cribs", hold album release parties and sell virtual merchandise for users avatars to wear. "We're creating something where labels can make money and artists can make more money through micro-transactions like fans wanting to wear a particular artist's hat or clothes," said Jerkins, "They can click on that item and buy it."
"Music Mogul" is expected to be formally launched in February next year, with a preview of the site's features to be released on November 24th via musicmogul.com.