One of the biggest gripes about iTunes is the grey definition of "buying" a song. Sure, you paid your 99 cents and now you're be-bopping down the street to the latest from Chingy but, did you really "buy" that tune? In the strictest definition, no. You don't have the ability to resell the song if you tire of listening to it after a few weeks, you'll never be able to recoup even a portion of your 99 cent "investment".

PeerFlix wants to change that, according to PC Magazine. In an interview with PC Magazine, Peerflix's Billy McNair says, "Whether down the road Peerflix ends up trading MP3s, digital ringtones, digital movies or other files, I don't know," McNair said. "These are gray areas today, from a legality point of view. But there are very few successful products that have been prohibited from selling in a secondary market. The next phase is a digital world: how do we create that secondary market? What do I do when I've bought an album on iTunes, and I'm done with it? How do I resell that song?""

In my humble opinion, something needs to be done about the transferability of digital tracks. The record companies and music distributors have absolutely zero incentive to create a second tier market but, there is no legal basis for the current situation where no secondary market exists. Fixing that will take either a depp pocketed company interested in capitalizing on a secondary market, or unlikely government intervention to force its creation.

[via PC Magazine]