Why is OGG required? You know MP3 is a standard right?
If you want to make money with the plugin, i recommend including some key features, such as insert button when making posts/pages. Menus in the Media Library for adding to tracklist, etc. How about an option for Addthis/Sharethis for Tracking & SEO Purposes. Should be that hard to have each playlist/player to exist as it's own page/post with taxonomies so people will be inclined to use this as an alternative to the giants like soundcloud.
Hmm, does anyone know of a Woo Commerce Extension that handles music?