As part of the blockchain project, the streaming service Audius provides artists with additional revenue sources for profit.
This three-year-old San Francisco-based company just recently debuted on blockchain. It promises to be a new way for artists to earn cash.
Not only does Audius use the blockchain to provide artists with the possibility of large income streams.
However, it also allows the artists to be co-owners of the service itself, making it a valuable tool.
Prominent rappers and musicians are taking notice of Audius
Hip-Hop icon and tech investor NAS believes ‘BlockChain’ is the most valuable music technology for creators.
Audius’ goal is to ensure artists own 100% of their music. Besides artists having music ownership, they can have a stake in Audius.
The New Wave of Music Streaming and Content Creation
Furthermore, with its crypto-based service, aims to become a combination service of streaming giant Spotify and collaboration platform SoundCloud.
The company has gained an increasing following in recent months via its relationship with TikTok and the constant addition of NFT services.
Audius Continues to Raise Capital
Audius, a company which claims that it has six million unique users monthly, announced that it has raised a $5 million round of funding, led by several famous musicians, including NAS and Pusha T.
In addition to this former Sony Music CEO Martin Bandier and others in the music industry, took part in this round of investment.
Similarly Sound Ventures,the investment company founded by Ashton Kutcher and Guy Oseary, took a stake in Audius.
To date, Audius has received $14.85 million in public funding across several stages since 2018.
New Wave of Revenue Technology
Audius operates like an independent music service, where users earn AUDIO token rewards for supporting the network.
Because of the use of blockchain technology, uploads to the service also have a time-stamped record of creation.
The platform has a social networking feature. It allows users to create, share, and repost music with other users. Audius is the new future of music.