Gainesville, Fla. - Grooveshark, a peer-to-peer music sharing service that says it compensates artists and copyright holders, on Friday launched a one-day promotion that offered songs for purchase for 29 cents. The company added that it will now put 100% of its profits toward re-compensation of users who allow song uploads from their computers, upping the reward from 10 cents to 25 cents per song. "We have licensing agreements, partnerships and relationships with nearly 75 major and independent labels, and have more than 3.5 million unique tracks available through Grooveshark.com -- all DRM-free," said founder and CEO Sam Tarantino. The company says more than 5,000 users have signed up since it launched a private beta of the service on Sept. 1.

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