Isle Of Man legal download scheme to cost 'one euro a year'?
But the P2P project has attracted criticism from the music industry
The team behind the proposal are currently seeking backing from the 'big four' record labels.
The Isle Of Man e-commerce minister Tim Craine said he wants the scheme to be used by other countries, including the UK.
"If you take a Euro a year from millions, then that's a lot of revenue," he told The Register.
However, some music industry figures have reacted negatively to the scheme, predicting that if it does progress to include the UK it won't make enough money to offset the record business' current worth.
"An experiment in a small territory such as the Isle Of Man might be quite interesting from an academic point of view, but applying a compulsory license in larger markets is not going to prove a workable solution," said a spokesman for recording industry group IFPI.
Craine defended the project, saying "The Euro a year is a suggestion, it's a starting point."