Magnatune, the terrific sharing-friendly record label that we’ve talked about many times before, has announced a transition from a per-album purchase model to a “DRM-free, all-you-can-eat, pay-what-you-want” model. Label founder John Buckman spelled out the details in a blog post today.

Memberships to Magnatune are now:

1) no commitment: one month at a time, whereas previously the minimum was 3 months

2) pay what you want: you fill in the amount you want to pay (no drop down box), though there is a $5/month stream membership minimum, and $10/month download membership minimum.

3) paypal recurring payments: use paypal recurring payments instead of a credit card, so you are completely in command of your membership, and can cancel it from Paypal if you like.

4) non-recurring and recurring both available: you choose whether you want your membership to auto-renew, or if you want to renew it by hand yourself

5) DRM free, Creative Commons licensed, and perfect audio quality: so you are free to enjoy our music as you wish

6) shareable music with your friends: you can share music you’ve obtained from your membership with your friends, though we ask you to be mindful of our business model and recommend you share no more than one album per friend per month

7) Everything: complete access to all our music. Downloads, 4h podcasts, streaming, iTunes & Amarok & Rhythmbox & Songbird support, and more.

8) Musicians get paid: with everything you do, 50% of your membership fee goes to the musicians you listen to. Magnatune remains fair to the musician.