New Facebook application Slicethepie should turn members of the fast-growing social network into a virtual record label.

Slicethepie is a solution that enables unsigned artists to record and release albums while retaining 100 per cent copyright, the service launches on Tuesday and allows users to compare their talent-spotting skills with Facebook friends and the larger Slicethepie community.

The application tracks music listener reviews of new music to determine which of the service's users has the beast ear for new talent. Participating music hounds identify the best artists through a series of reviews, before choosing to support their favourite acts with an investment that helps fund the release of a full album.

In addition to receiving a copy of the completed album, fans can access special forums where they can engage with the artist, as well as receiving an option to buy artist ‘contracts’ that fluctuate in value according in line with the success of the album.

Slicethepie recently took the BT Digital Music Award for ‘Best Innovation’.