Blockchain-powered music streaming platform Audius has closed $5 million strategic investment round with financing from the likes of artists such as Katy Perry, The Chainsmokers, Nas, Jason Derulo, Pusha T.
Music industry executives Guy Oseary through Sound Ventures, John Josephson of SESAC, and former Sony/ATV Chairman and CEO Martin Bandier, are also among the investors. This latest investment was originated by Blockchange Ventures, an early stage blockchain venture fund.
The capital injection will allow the blockchain-enabled music platform to grow its consumers base. Audius is a digital streaming service that connects fans directly with artists and exclusive new music. The platform has more than 6 million monthly users, and claims to have added one new million users in the last month alone.
Enhance the artist-fan relationship
Audius describes itself as “the favoured music platform for artists and as the music industry’s blockchain winner” and claims to be “the largest decentralised consumer product on earth and the fastest-growing streaming platform outright.”
The Chainsmokers, for example, were early adopters of the platform. “We got our start sharing music directly with fans and so we are really aligned with the way Audius uses the blockchain to enhance the artist-fan relationship,” said the band in a statement.
The band said they plan “to upload the stuff we play live, which we wouldn’t typically share on traditional music platforms. It’s a purer alternative to the more polished album rollouts that we will continue to deliver. As an artist it’s empowering to share different creative choices and to test stuff out in a lower-stakes environment.”
Blockchain will change the world – Nas
They added: “Additionally, for us the role of developing a community around our music has always allowed us to grow and motivated us to take risks. Audius continues to empower the artists and their community to seek freedom in all aspects of their art as the music business hopefully shifts more in favour of the artists fueling the economy.”
Hip-hop artist Nas is also a supporter: “I’ve known that blockchain will change the world since I invested in Coinbase five years ago and I believe it might be the most important technology to ever hit the music industry. Everyone who uploads to Audius can be an owner, you can’t say that about any other platform.”
Launched in late 2019, Audius has been endorsed by artists such as Mike Shinoda of Linkin Park, Russ, Diplo, Skrillex, MadeinTyo, Deadmau5, and over one hundred thousand other artists, who have uploaded music to the site. The platform recently announced a partnership with TikTok.