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And even if a band did get some minimal traction, I'm thinking they'd still scrap this model at the first sign of a record deal. But, at the same time, I've heard record deals can be pretty bad from the standpoint of the artist.
I guess the question is, how much traffic / downloads / pay would you need as an artist to stick with this model over the traditional? I'm assuming there's no one right answer; it varies widely.