Hip-hop producers and other composers seeking to sell their creations to singers and MCs have a new option. Black Vibes’ IveGotBeats.com has launched the Beat XChange, a web-based service that allows producers to sell their music online to artists, auction style.

Producers upload their music to Beat XChange and create a profile. Beat buyers search a music library by genre (rap, R&B, gospel, pop, dance), tempo, or price range and place a bid on the tracks they like. If the producer accepts the bid, the parties negotiate rights and usage using online tools, then the track becomes downloadable for the purchaser.

The Beat XChange intends to circumvent the traditional record label A&R process by directly connecting the artist and the producer. Beat XChange C.E.O. Gerald Olivari, says, “Recognizing the impact that technology, such as Pro Tools and social music networking websites, [has] had on the industry, we decided that it was the perfect time to introduce this service.”

Black Vibes also operates a music and entertainment news site that features videos, news stories, and artist profiles. A recent article featured rapper Talib Kweli’s (pictured above) open letter on Barack Obama’s candidacy.