Audius, a blockchain-powered music streaming platform, has reportedly secured $5 million funding from some of the renowned names in the music industry, including Katy Perry, Jason Derulo, The Chainsmokers, and rapper Little Nas X.
As per sources, Martin Bandier, the former CEO and Chairman of Sony/ATV Music Publishing is also an investor.
The music streaming services currently account for over 443 million subscribers, with Spotify alone having 165 million paying customers.
Supposedly, many musicians, especially those trying to get more popularity, think that they are not getting a fair share of revenue from popular music streaming services. Furthermore, artists risk having their work copied or unlawfully monetized by outsiders when they submit content to these platforms.
Audius is leveraging blockchain to overcome these issues. Artists may safely submit their songs to the site and have a record of ownership through blockchain. Audius, on the other hand, would verify that the individual claiming ownership is the real artist.
If the content is misused, artists may indicate their ownership of the intellectual property and take the necessary steps to prevent it from being used without their permission. It also allows musicians to interact directly with fans and offers them greater choice over monetizing their work.
Martin Bandier said that streaming is only a tiny but important element of the company's economic model. The blockchain facilitates whole new revenue sources for artists and producers, such as NFTs, social currency, and curation.
On Audius, nearly 100,000 artists have uploaded their work. Many are independent musicians seeking to monetize their work, although companies like Diplo and Weezer have uploaded tunes to the portal. Audius has become a testing ground for more major musicians before releasing songs on more prominent platforms.