Blockchain-based music streaming service Audius is enabling fans to tip artists using $AUDIO token, the platform’s native cryptocurrency.
More Forms of Monetisation to Come
“We’re creating new ways for our seven million active monthly users to show their favourite artists how much they appreciate their work,” Audius co-founder and CEO Roneil Rumburg said in a statement. “But this is just the first piece of monetisation – in the coming weeks and months we look forward to expanding on monetisation with more options for fans and artists alike.”
The company also plans to introduce “ways to tip that do not require tokens”. The platform already offers fans the opportunity to bankroll their favourite artists by harnessing the power of DeFi. They can also benefit from music sales as part copyright owners, thanks to NFTs.
Launched in 2018, Audius hosts over 250,000 artists who have released a combined one million tracks on the platform. “A lot of experiments have been run over the years to evolve the music industry’s business model,” said Rumburg. “But we’ve yet to see a platform that strikes the right balance, improving the music experience for the parties that matter most – artists and their fans.
Audius is laying the groundwork for a new era where artists reclaim control over their work and their earning potential, all the while giving fans a closer relationship to the music they love. Tipping is a small first step in this direction.
Roneil Rumburg, co-founder and CEO, Audius
Artists including Katy Perry, Nas, Jason Derulo, Pusha T, the Chainsmokers and Steve Aoki have all invested in Audius. “Everyone who uploads to Audius can be an owner; you can’t say that about any other music streaming platform,” says rapper/entrepreneur Nas.
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