I think a couple of artists have already tried it but I'm not sure of the success they have had. I know some people were complaining about the bitrate quality when Radiohead released In Rainbows you get what you pay for, or don't pay for which may be the case. I have a lot of admiration for the bands who release their music for free in any bitrate, but I think that by putting a fee for higher bitrates the band can generate revenue, the fans won't feel like they're being forced to buy it and at the end of the day everyone can feel good about themselves.
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