Soribada, the country’s most popular peer-to-peer music site www.soribada.com, begins paid services today, gathering industry-wide attention on how the country’s first peer-to-peer pay music business model will reap success.
Soribada has been forced to abandon its free-service model and set up a new service that charge subscriber fees to cover royalties for record companies. The country’s three industry lobbies – the Korean Association of Phonogram Producers, Korea Music Copyright Association and Federation of Korean Art Performers’ Organization – have urged Soribada to adopt subscription systems from July 10 at the latest.
The online music distributor has offered subscription-based services on a trial basis, along with free-of-charge services, for the past several months.
Soribada users will be able to get an unlimited access to digital music files with 3,000 won ($3.1) per month. Fees for downloading an MP3 format song file will cost 500 won.