Wow, Zed Shaw basically described what my friend I wanted to build and applied for VC from. Except we had (independent) labels on board to give us a catalog of about 200 (minorly) successful artists and a fanbase.
Why didn't you build it then? Because you had a single meeting with a VC and they didn't offer to give you tons of money?
That seems a bit of a silly thing to say to this crowd, many of whom have built bigger things than this article describes without any funding or support.
Go build version one this weekend, launch it on Monday and report back here so we can give you some feedback!
Too bad we got rejected. =(