Blockchain-based streaming service Audius has announced it recently closed a $5 million funding round in partnership with some of the contemporary music scene’s most popular creators.
Artists such as The Chainsmokers, Disclosure, Steve Aoki, Katy Perry, Jason Derulo, Pusha T, Mike Shinoda, and many others are throwing their weight—and their cash—behind Audius, helping to grow the crypto-powered platform’s footprint in the streaming economy. The high-profile capital infusion represents a powerful endorsement from the creator economy for the decentralized future of music.
From a creator standpoint, Audius’ unique decentralized infrastructure offers creators a censorship-proof, direct-to-consumer experience. These characteristics have led artists to treat Audius as a testbed for exclusive releases, such as a series of remixes by legendary electronic music group Nero or sporadic selections from Mr. Carmack‘s trove of eclectic beats.
The platform’s leveraging of transparent and efficient blockchain technology will also allow artists to own a greater piece of the revenue share and receive payments faster than the traditional system, which relies heavily upon the middlemen of labels and distributors.
“I’ve known that blockchain will change the world since I invested in Coinbase five years ago and I believe it might be the most important technology to ever hit the music industry,” said legendary New York rapper Nas. “Everyone who uploads to Audius can be an owner, you can’t say that about any other platform.”
These powerful use-cases have given Audius a perceptive edge, leading to the platform recently surpassing a key milestone of 5 million monthly active users.