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Audius is a new blockchain based music platform that wants to revolutionize the way artists are paid by cutting intermediaries.
Audi CEO, Ranidu Lankage, has set his sights on services like SoundCloud, with a direct twist payment powered by cryptocurrency. And just like Bitcoin, Audius hopes to cut financial intermediaries between two people when they transfer money.
The result? A truly decentralized utopia, aimed at fans. At least this is the idea.
Users of this new platform will buy tokens directly from Audius to load their wallet balances. The service then distributes fractions of a penny to the artists for each game that their music generates, giving the 85% of the profits directly to the artist.
It seems that those payments will be in cryptocurrencies instead of real money. This introduces wild fluctuations and the distinct possibility of a nighttime crash, among other problems. But Audius bets that the risks will be offset by wider gains in direct payment.
But can Audius solve the streaming system?
At a higher level, platforms like Spotify and Apple Music give up to 70% of their streaming rights back to the creators. This translates into billions in the aggregate, but unsigned artists usually get stuck with embarrassing, micro-penny-based payments per stream.
And artists signed on labels often get a small part of the money after everything has passed. [19659003] Then there's the question about what's really wrong with SoundCloud. The platform pays little-nothing, even if it is becoming a real club for the big stars of the sector, especially as regards rap. So who needs a direct encrypted payment when you have a multi-million dollar advance from Capitol?
Audius still has to launch publicly, but the development team has made fun of an open beta this year
. has recently raised $ 5.5 million in funding, supported by General Catalyst and Lightspeed. Also Kleiner Perkins, 122 West, Listen Ventures and Pantera Capital contributed to the first round of financing.
Developers are hoping that the Audius token will grow in value, just like Bitcoin. Obviously, even this year the value of Bitcoin has beaten in an extreme way, flattening much of the enthusiasm towards cryptography. Unfortunately, Ico's history is far more desperate, with many nascent coins placing or being exposed as flat scams.
One of the first artists participating in this new venture is the artist EDM 3LAU, a long-standing supporter of cryptocurrencies.
He believes that this new platform could revolutionize the way music is distributed and the latest series of investor financing echoes this idea. Investors of Lightspeed Ventures and General Catalyst praised Lankage and his team, saying they believe the future of music distribution will evolve with a decentralized platform.
And of course, there are tons of pain from the artist. Now, the question is whether Audius can solve those problems using a cryptographic system that has so much pain.
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