It is basically a decentralized music platform. Kind of like Steemit is for writing, this is for music. With this platform, it is possible to completely overhaul the music industry as we know it and give artists as well as listeners more control of their content. Given how artists are essentially owned by big companies nowadays, I believe this is a great step in the right direction!
Your best bet is to go through the whitepaper. That being said, here is a very useful diagram I pulled form their whitepaper.
Do you have questions?
I am sitting in their slack channel right now. If you have questions, go ahead and ask. If I can't answer them, I will push them through to the founders and get back to you with an answer.
@unprovoked