Tuesday, October 26, 2021

How blockchain-based music apps could change the music industry

-

- Advertisement -

Universal Music Group — the biggest of the three major music-label conglomerates — went public at a valuation close to $53 billion. The IPO was a powerful demonstration of the benefits music-biz giants have reaped from the streaming era. But for artists, the picture is a lot murkier. According to Audius — a blockchain-based streaming platform backed by Pusha T, Katy Perry, Nas, and other stars — just 12% of the $43 billion in revenue generated by the music industry in 2017 went to artists. Audius and a crop of other crypto music platforms aim to change that paradigm. Here’s how:

  • Audius is a free, decentralized streaming service and one of the most popular non-finance blockchain applications, with around six million users. The platform uses a token called AUDIO for a variety of purposes, from staking to rewarding artists based on the engagement of their fans. Holders can also get access to exclusive content and vote on protocol upgrades. Eventually, 90% of AUDIO tokens will be distributed to artists.
  • Audius recently made a deal with TikTok, allowing its roughly 100,000 artists to upload music to the social network with one click — popular Audius acts include Disclosure, Skrillex, and Steve Aoki. The vast majority of TikTok’s billion users say the video platform is the primary way they discover new music, which explains its ability to vault previously unknown artists like Lil Nas X into viral mega-fame.
  • Audius isn’t the only decentralized music app gaining traction. Catalog, which bills itself as a blockchain-based version of Bandcamp, has paid out $213,234 to around 100 acts, as of last month. And Songcamp, an experimental blockchain-based “songwriting camp,” allows for collective online collaboration, including tools to help acts fund their projects and distribute them across the internet.

Why it matters… Many of crypto’s most popular evolutions, like DeFi, have related directly to finance. But Audius users don’t even need to know what crypto is to use the app (which is available via Apple’s App Store and Google Play) — pointing to the potential for crypto-powered, community-governed protocols to transform the entertainment industry by giving both artists and fans a stake.

- Advertisement -
Teodora Torrendohttps://www.ccdiscovery.com
Teodora Torrendo is an investigative journalist and is a correspondent for European Union. She is based in Zurich in Switzerland and her field of work include covering human rights violations which take place in the various countries in and outside Europe. She also reports about the political situation in European Union. She has worked with some reputed companies in Europe and is currently contributing to USA News as a freelance journalist. As someone who has a Masters’ degree in Human Rights she also delivers lectures on Intercultural Management to students of Human Rights. She is also an authority on the Arab world politics and their diversity.

Weather

New York
broken clouds
19.6 ° C
21 °
17.4 °
86 %
0.5kmh
75 %
Tue
20 °
Wed
18 °
Thu
16 °
Fri
16 °
Sat
16 °

BREAKING NEWS

steven 2

Steven Tinoco Net Worth, Bio, Career, Relationships & More

Steven Tinoco is a professional and prominent personal trainer. He is certified for this training since many years now. This elite athlete works hard...