Coinspeaker Audius Revolutionizes Web3 Music Streaming, Introduces Direct Stablecoin Payouts for Artists
Decentralized and community-owned streaming platform Audius is taking music streaming to another level. This follows after the platform announced that musicians can now get paid directly in stablecoins for their work.
For what it’s worth, the music industry has long earned itself the reputation of being an early adopter of emerging technologies, and from all indications, it still might be living up to that reputation.
Audius Grants Artists Full Control
Today, the music industry is using Web3 to reshape not just how artists engage with their fans but also the way they earn revenue from their content.
Interestingly, Audius is at the forefront of this revolution. The artist-controlled music streaming service said, moments ago, that it had completed its private beta phase, which started in November 2023. That means artists on the platform now have the ability to set their pricing and receive payments in USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $36.12 B Vol. 24h: $6.27 B , a stablecoin.
Similarly, fans may also use their credit cards to purchase music and content directly in USDC, which artists can later convert into any currency of their choice. The implication of this recent announcement is that artists now have cruise control on how to monetize their content.
Meanwhile, Audius is also rolling out a community revenue-sharing model, which might be a first-of-its-kind. The model seeks to direct 10% of each payment to the platform’s community treasury. Although the funds will be allocated through governance decisions at a later time, the effort is aimed at ensuring that the platform’s revenue is managed in a collaborative manner.
According to Audius co-founder and CEO Roneil Rumburg, the platform’s new direction is an interesting one. Rumburg said he is excited for the journey ahead and expects that musicians use Audius’ marketplace to maximize their earnings.
A Track Record of Success
While there are high hopes for the future that lie ahead, Audius’ past records already make the hopes even clearer.
The platform has been empowering artists through Web3 tools, and several of its early adopters may have already found success on it. For instance, Kato On The Track, a producer and beta user, sold beats and downloads on Audius and was able to generate revenue that exceeded traditional streaming models by far.
Another lucky individual that has tapped into Audius’ Web3 tools was Rapper MadeinTYO, who used them to host a fan contest. Audius has also attracted several other artists and their record labels, including big names like EMPIRE and Ninja Tune.
It goes without saying that the future of music streaming is here. With platforms like Audius introducing stablecoin payouts and decentralized revenue sharing, the broader music industry itself might be in for a huge change.
Also, new decentralized solutions like Audius will now compete with traditional platforms like Spotify and Apple Music, challenging their age-long domination of the space.
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Audius Revolutionizes Web3 Music Streaming, Introduces Direct Stablecoin Payouts for Artists
