It seems like an interesting idea, but why does it need to be its own altcoin? Surely it could just run on top of Bitcoin?
The smart contract portion is the powerhouse under the hood here. One use case off the top of my head ...Everytime a piece of label music gets used/played anywhere, money is supposed to be paid to performing rights organizations who then disburse it to the various stakeholders in the song, not limited to the artist by any means. The amount of redirection of funds and maintenance of that chain is mind boggling and prone to abuse as well as mistakes not to mention every step of the way reduces the payout to the creative, the artists, producers, etc. In one fell swoop that whole chain can be replaced by MUSIC. You play a song? Payments automatically distributed where they need to go based on contracts, auditing built in because of the block chain. It's a totally disruptive technology potentially.
