Blockchain-based music streaming platform Audius raised $5 million in a multimillion-dollar investment round. The funding came from some of the high-profile artists in the music industry, such as Katy Perry, Nas, Jason Derulo, and more.
It’s a three-year-old San Francisco-based company and has less than 40 employees, who are crypto-crazed people. However, the company officially aroused the interest of some of music’s most prominent power players.
Artist investors in the music industry include Katy Perry, Nas, The Chainsmokers via their Mantis VC, Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and Disclosure. Not only the artists but some big players from different parts of the music industry are also into it.
Audius is a modern music streaming platform built with artists in mind. It has a different approach in paying the artists for the streams. When a plays a song on current major streaming platforms like Spotify, money doesn’t just zoom straight into an artist’s pocket. Audius made it possible with a blockchain approach, which it was built on from scratch.
The company claims to have nearly six million monthly active users is a decentralized music streaming application owned and run by an open-source community of artists, fans, and developers. The music platform also lets any musician upload their songs for free.
The Crypto industry is not new to Artists. They have their crypto investments, and they even showcased their Non-Fungible Token (NFT) collections. For instance, Rapper Nas was one of the early investors in the cryptocurrency exchange platform Coinbase.
“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,” Nas said in the statement to Rolling Stone. “Everyone who uploads to Audius can be an owner, you can’t say that about any other platform.”
Audius had already raised $3.1 million in July 2020. With this new $5 million investment, the San Francisco-based company has raised $13.6 million to date.
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