Decentralized audio streaming service Audius attracted $5 million – Bits Media

Audius Music Streaming Platform, running on the Ethereum blockchain, announced the attraction $5 million. Artists Katy Perry took part in the investment round, In the, Steve Aoki, Linkin Park, Disclosure and others.

Audius has declared itself to the world in 2018 year, proposing an alternative to Spotify or SoundCloud based on the Ethereum blockchain. The company initially focused on attracting independent electronic musicians.

The company's new approach to the process of producing musical works involved, that platform users will pay for or earn internal AUDIO tokens, listening to advertisements. When listening to a recording, the fee for the song is debited from the client's wallet, while the artists receive about 80% from the payment amount. Rest 20% go to developers of platforms and software clients for listening to music.

Audius first investment round, series A, also took place in 2018 year, venture capital firms General Catalyst took part in it, Lightspeed and Kleiner Perkins. At this stage, Audius has attracted approx. $5.5 million.

Despite predictable competition from Spotify, Apple Music, Amazon и YouTube, companies for 3 managed to become a fairly popular music service. Audio
more than 100 thousand musicians collaborate, and the client base has reached 6 million listeners.

In August 2021 year, decentralized music streaming service Audius became the first audio streaming partner
platforms for creating and viewing short videos TikTok.

Recognition from TikTok became the reason for the start of a new strategic stage of financing, during which many popular artists and
institutional leaders of the music industry, including performance rights organization SESAC, Sound Ventures and investment company K5 Global. Audius' investment pool amounted to approx. $5 million.

Rapper Nas, commenting on his participation in the financing of Audius, said: 

"I always knew, that blockchain will change the world, and this may be the most important technology, ever appeared in the music industry".