The idea is potentially good for us musicians but, we need the audience to use that app. If only the musicians are registered, it could become an endogamic ecosystem, as I have seen in Musicoin.
The success of Spotify or Apple Music is based on being able to find most of the music published. How do we attract the audience? Sharing earnings by promo? Maybe, but it could eventually get people tired if the earnings are not enough, as it starts to happen here in Steemit, which many users no longer publish, simply comment on the trendding posts.