I’ve frequently discussed the new Grooveshark P2P music sharing network where users and copyright holders alike will be compensated for offering content for download. Grooveshark will pay the appropriate royalties to music copyright holders by taking commissions from users’ transactions and then also compensate users with free music for community participation such as uploading songs, fixing song tags, flagging unwanted files or reviewing music.

The content section that will be offered however, has been the subject of questions and doubts by users, for as we all know, content is king when it comes to a music download site. Many have wanted to know, including myself, exactly what music selections will be available due to the often heavy handed tactics of record labels and copyright holders when it comes to their content being offered for download.

Well, in a new press release, it has been announced that Grooveshark has signed a licensing agreement with the the UK-based V2 Music Group. It boasts an extensive music library, including Dave Matthews Band, Cold War Kids, Bloc Party, Aimee Mann, Grandaddy, Chromeo, The Rakes, and Stereophonics.

“The Grooveshark business model is a very exciting and V2 are very pleased to be delivering our content on this platform as early as the beta stages,” said Beth Appleton, head of Business Development at V2. “Peer to peer networks have phenomenal distribution and with that the commercial possibilities for distributing content could be revolutionary, with the right model. We hope that together with licensed content and an accurate pricing model, the super-distribution possibilities of peer to peer via this partnership could be a significant future revenue stream for V2 and our artists.”

Grooveshark also recently enlisted the cooperation and support of other recording industry insiders including Grammy winning jazz producer Jason Miles and former Harry Fox Agency executive and record label owner Vincent Castellucci, both of whom sit on the Grooveshark board of advisors.

I can’t say that I’m a big Dave Matthews Band fan but, many out there are, and more importantly, it signals that quality content will be offered after all. I must admit that there were fears that it would be a just another Indie-offering site, limited to unsigned bands or those from labels looking to gain exposure or cheaper and more widespread distribution of their content.

Luckily, those fears have been reconciled as Grooveshark takes this important step towards offering the sort of content that users will actually want and actively seek out. Myself personally, I really dig Bebel Gilberto, Bloc Party, the Cold War Kids, and Grandaddy(they’re from my hometown), and I’m sure I’m not alone.

With this new licensing agreement I think the exciting new Grooveshark P2P music service just may succeed after all.

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