Blockchain Music Startup collects $ 5.5 million in Series A funding


Audius, a community-owned, decentralized music sharing platform announced as the blockchain response to Soundcloud announced the completion of a $ 5.5 million series A round of financing as it launches the first sharing protocol music based on blockchain in the world. Made on August 8, 2018, the announcement revealed that the financing round was led by General Catalyst and Lightspeed, with the participation of Kleiner Perkins, Pantera Capital, 122West and Listen Ventures

Blockchain interrupts the model Traditional music sharing

itself as "an alternative blockchain to SoundCloud to help artists connect directly with fans and monetize their work". According to its developers, its protocol exists in perpetuity, owned and controlled by a decentralized community of artists, music lovers and developers. [19659004] The platform aims to break the traditional model of music sharing service that some criticize for the perception of the lack of control and transparency of the artist. The founder Ranidu Lankage is a Sri Lankan pop artist, famous for having acted in platinum at age 19 with "Oba Magemai", a Sinhalese single hip-hop who helped to introduce a new era of Sinhalese pop music. After the release of his commercially successful debut album with Sony Records, he chose to become independent to maintain control over his work.

As part of his mission to consolidate the artist's control over creative content, Ranidu and other co-founders Roneil Rumburg and Forrest Browning decided that blockchain technology had the power to restore control and creative power to artists fixing the problem of centralization and transparency. Audius is the result of this effort, and between work to help artists with technology, Ranidu still finds time for occasional performances in international events such as Coachella and Ultra.

Audius Success Stories

One of the best known success stories generated by Audius is the artist Electronic Dance Music (EDM) 3LAU, who is famous in equal measure for his knowledge of criocurrency and his music. Speaking recently about his thoughts on Audius, he said:

"Artists need decentralized models for music sharing and participation in the platforms they contribute to: Blockchain allows Audius to do this with token and decentralized governance based on the vote, so artists have a say in how the platform evolves.It is a very elegant model and, as an artist, I find it extremely attractive. "

Using Audius, artists can connect directly with the fans and distribute content to them without the involvement of an intermediary. Like SoundCloud, they are able to build, grow and interact with their fan base on the platform, but with the fundamental difference that their accounts are permanently stored on a blockchain without the risk of third-party arrest. The platform also offers artists detailed information on who transmits their content, where and when, all in full payment in real time and transparent.

Audius currently has a consulting team composed of Augur co-founder Jeremy Gardner, EDM 3LAU superstar, Pantera Capital Partner Paul Veradittakit, EA Bing Gordon founder and BitTorrent chief architect Greg Hazel.

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