With Beats Music set to launch its own music streaming service this week, Kim Dotcom is seizing on the moment to unveil his own competing product, Baboom. The music streaming website is now partially open for business, though for now the only songs you can listen to come from Dotcom’s own album, “Good Times.”

The Baboom website certainly looks great, though for now there’s not much you can do besides listen to Dotcom’s techno beats. However, the Mega CEO promises the full site will be a mix of Spotify and iTunes, with full artist bios and the option to download certain tracks for free. The service also offers an Activity tab, likely for following your friends on the site, and a Jukebox radio mode, though those are both off limits at the moment.

Doctom is also offering up a big chunk of cash to promote the new site and his own album. The best five remixes of any of his songs will earn $5,000 each, while the best fan-made music video for each track is worth $10,000. It’s not clear if this is a one-time offer or if Baboom will offer these types of contests on a regular basis.

Whether Baboom can succeed when most people have already settled into their music streaming site of choice is still up for debate. Before Dotcom ran into legal troubles for operating Megaupload and Megavideo he developed relationships with a number of major artists who used his service. So maybe Kanye West or Will.i.am can lend a hand now with Dotcom’s latest venture?