The streaming platform uses blockchain technology, allowing artists to get paid quicker.
Nas and Pusha T are among a group of music industry power players who have invested in a new streaming platform looking to rival Spotify, Apple Music and TIDAL.
Founded in 2018, Audius is a streaming service built on blockchain — the same technology behind NFTs — that allows artists to get paid quicker when people play their music.
According to Rolling Stone, Audius will announce a $5 million round of strategic funding later today (September 16). In addition to Nas and Pusha T, A-listers such as Katy Perry, Jason Derulo, Linkin Park’s Mike Shinoda, Steve Aoki, The Chainsmokers and Disclosure are getting in early.
Welcome to the familly @katyperry, @Nas, @steveaoki, @TheChainsmokers, @mikeshinoda, @jasonderulo, @disclosure, and @PUSHA_T – we are excited to define the future of music with you 🥳 https://t.co/WuDH4YEzcE
— Audius 🎧 $AUDIO (@AudiusProject) September 16, 2021
Audius has also received backing from a host of veteran music executives including former Sony/ATV Music Publishing CEO Martin Bandier, Madonna and U2’s longtime manager Guy Oseary, and Frank Ocean and Calvin Harris’ manager Mark Gillespie.
As Rolling Stone points out, the last time such a group of music heavyweights invested into a streaming platform was JAY-Z’s TIDAL, which launched in 2015 with over a dozen artist stakeholders including Beyoncé, Kanye West, Nicki Minaj, Rihanna and J. Cole.
Like TIDAL, Audius offers artists increased ownership opportunities in the platform. But what sets the up-and-coming service apart from competitors is its expedited payment process.