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Redditors working to create pop hit

As Mashable reports, a group of people from the social media site Reddit have come together to try and create a successful pop hit. After this AskReddit thread that challenged the community to create a pop hit, a new subreddit was created to take it on: Top Of The Pops

The group has created a roadmap of their goals, as well:

1. We all nominate starter backing tracks, ones with the most potential in this thread: http://tinyurl.com/c9vkm9j
2. Have producers make a polished versions of the backing tracks
3. Have lyricists write lyrics
4. Have singers record lyrics
5. Have mixers mix the backing tracks and the recorded vocals
6. Have masterers master the final mixes
7. Have videographers create music videos
8. Register as a charity
9. Have a host release the EP online
10. Collect and distribute royalties accordingly
11. Bask in glory

So far, the group has chosen a backing track, which you can hear here and are working on creating a polished version of the track to then get vocals added.

So do you think the power of social media can prevail and Reddit will be able to create a billboard-charting hit? Or will decisions never be made and the project die before it ever gets off the ground? Sound off in the comments!