Audius is a decentralised music streaming platform built on the ethereum blockchain, aiming to disrupt the digital music distribution model. Its co-founders Roniel Rumburg and Forrest Browning designed the platform to do what rivals Spotify and Soundcloud couldn’t do, which is building a community-centred music streaming service that also compensates musicians fairly.
Why Audius is important?
The current model for digital distribution of music has served the music industry well, helping to lower the levels of piracy and also make all music available to everyone for a certain fee whether through online purchase or monthly subscription service. Audius aims to remove the middlemen involved in this process and have a direct creator to consumer model.
Audius will help musicians earn more money for their music well creating a community of fans on the platform similar to what Soundcloud was a few years ago. Current Streaming platforms have the advantage of accessibility but are lacking when it comes to remunerations with Spotify paying only $$0.00318 per stream and Apple music paying $0.00551 per stream, according to Soundchart.com.
How is Audius different from Spotify and other music streaming platforms?
Audius firstly is a decentralized network meaning not one person or entity owns and controls it. It is artist-owned with the musicians on the platform having the final say on its future and how it is run. Secondly, Audius operates on a blockchain which means all music uploaded to its network is immutable and timestamped on its digital ledger.
Thirdly, being on a blockchain also allows for its creators and listeners to earn a crypto token known as AUDIO while engaging with the platform. Finally, Audius is free to use and free to listen to platform, allowing for both creators and fans to engage without any barriers standing in their way. The token AUDIO is currently valued at $0.179800 (as of 9 December 2020) and can be converted to other cryptocurrencies or dollars, Pounds or Rands.
How does Audius make money and pay its user?
The founders of Audius wanted to make a seamless blockchain streaming service where the users don’t need to know anything about blockchain to use it. It boasts having 30,000 and 50,000 unique users a day (as of October 2020), as well as 320 kbps in music quality, which is what you get on the Pro tier of Spotify and is all free to all users.
Co-founder Forrest Browning has stated, the primary reason people will switch to Audius is that you can follow the artists you feel most passionately about and a lot of times will find exclusive content on Audius.