Katy Perry, Nas and Jason Derulo are investing heavily in Spotify’s rival altcoin project. Blockchain-powered music startup Audius is about to announce a multi-million dollar investment funded by multiple superstar artists and music executives. When you play a song on major music platforms, the money doesn’t go straight into an artist’s pocket. But what if he had? Payments are designed to run on Audius, a platform built on a Blockchain; yes, it’s the same technological network that NFTs run on. Upon hearing this news, Audius price has increased by around 35%. Detail cryptocoin.com‘in.
This altcoin: Audius
This three-year-old San Francisco-based company, which employs around 40 crypto-crazy people, has officially caught the attention of some of music’s biggest players. Team, Rolling StoneSpecially today (September 16), popular altcoin Audius announced that it will announce $5 million in strategic financing funded by leading music celebrities. Artist investors include Katy Perry, Nas, The Chainsmokers, Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda and Disclosure. Audius, which aims to put music broadcasting in a decentralized form, will use the funds obtained from famous artists to develop the project in line with its objectives.
Executives from different sectors of the music industry also contribute to the payout: these include Martin Bandier, who ran Sony/ATV Music Publishing as president and CEO for 11 years; Michael Kives, founder/CEO of investment firm K5 Global, a talent representative of Madonna and U2’s longtime executive Guy Oseary, Perry, Kate Hudson, Bruce Willis and Arnold Schwarzenegger; and the founder of Hitco Entertainment. The list doesn’t actually end there, it’s quite long.
Rolling Stone asked senior CEO Bandier, who had tracked how he got to the highs of the highs and the lows of the lows in his ten-year career, what attracted him. Bandier says:
Blockchain, which I understand to be a transparent and immutable transaction ledger, should benefit songwriters and other creators far more than the current system allows. Songwriters need more ways to monetize, and this model should also help speed up their payouts as their music is released worldwide.
Bandier also seems to be influenced by Audius. CEO says:
Blockchain provides entirely new revenue streams for artists and creators, such as NFTs, social currency, and curation. Audius not only uses Blockchain to add potentially important revenue streams for artists, but also allows them to own the platform itself collaboratively. Historically, the music industry has tended to be slow to adapt to technological changes, often fighting rather than embracing them. I think blockchain will have a commanding power in further empowering creators and directly influencing artist fan relationships more deeply.
Audius: artist friendly
With monetized content on Audius, 90% of earnings move in real time, 10% goes to the community that runs the system. Nas told Rolling Stone: “I believe that blockchains may be the most important technology to hit the music industry. Anyone who uploads to Audius can win. You can’t say that for any other platform,” he says.
Audius told Rolling Stone that the platform, which recently signed a dizzying deal with TikTok, now has more than six million monthly users. Forrest Browning, co-founder and chief product officer, says combining easy-to-use crypto features is a current goal. “We see ourselves as a transition to blockchain technology for less technical users. Most people are not aware of this, but every person who signs up for Audius actually has a crypto wallet created for their account. ”
Currently carbon neutral, Audius is also looking for ways to become carbon negative. The Ethereum-based platform is donating to offset carbon shortfalls, but Browning’s team is now moving large parts of the system to the more energy-efficient Solana. Finally, Audius is still completely free during the promotional period, but executives point out that the business model will change soon.
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