We have never had so much music at our fingertips! According to one music industry organisation, music streaming services have in the region of 400 million subscriptions worldwide, plus a higher number of consumers who listen to music for free via the free accounts on Spotify and similar services.
This is great for consumers of course. But for musicians things may not be quite as rosy. Critics of the streaming services claim that musicians, songwriters and other music professionals are not being financially compensated and are in a position where much of their hard work is being given away for free. And the fact that a consumer may be paying a company such as spotify to download and listen to music, does not mean that the musician will ever see any payment for this service.
Audius offers an alternative and fairer system for sharing and listening to music and it may change the way the whole music streaming system operates.
What is Audius?
Audius is a unique blockchain decentralised music streaming service. It utilises the blockchain technology used in crypto currency and it has issued its own crypto token called Audio to pay for it. It is the first music streaming service powered by crypto currency.
Audius is owned and operated by musicians, artists and developers. Each piece of music is time stamped and owned by the performer who register their creative work, so will receive payment when their piece of music is played.
This decentralised system lets artists upload their music to the app. Audius also has a strong social media component that lets fans communicate directly with artists and hear exclusive new music, direct from the artist.
Audius functions like a musical co operative where the Audio token aligns musicians, fans and operators alike.
Is Audius easy to use?
Unlike many of the crypto platforms, Audius is extremely easy to use. You don’t need to know anything about crypto in order to download and access great music online.
For the consumer it means that all the music they listen to is free yet the musician does not miss out on payment.
Artists are rewarded with the Audio token for their music, popularity and for social engagement with fans. The site plans to share 90% of the token supply with the artists.
So what type of music is available on Audius?
The platform was first established in 2018 and so far has attracted mainly indie music. But things look likely to change fast. Audius has recently partnered with TikTok which will undoubtedly spread the word of this streaming service. According to 75% of TikTok users using the Audius app, consumers are using Audius to discover new artists and new music. To keep up with the latest events and trends in technology check out our guide to top tech websites so you can always stay ahead of the curve.