Shawn Fanning’s Snocap Launches Paid P2P Clearinghouse

From The Hollywood Reporter: "…Shawn Fanning, known as a founder of Napster, publicly unveiled his legal peer-to-peer management platform called Snocap. Fanning described it as a music registry that would serve as a clearinghouse for files that consumers are trading among themselves. This will allow music retailers and P2P networks to offer a massive library of content without having to maintain relationships with each individual copyright holder, according to Fanning. In turn, he said, this will inspire innovative new services to enter the market by removing the daunting cost of entry. "It’s a system to facilitate getting more and more people exposed to music through more and more channels," Fanning said…Terms were not disclosed, but Fanning said UMG (Universal Music Group) already has begun registering its catalog."