Few industries have been as proactive as the music industry in exploring and adopting emerging technologies at the intersection of Web3 and culture.
From streaming and distribution to fan engagement and exclusive communities, the use cases for Web3 in music are plenty and only becoming more so.
One of the early pioneers at this intersection, Audius, a decentralized, community-owned, and artist-controlled music-sharing and streaming service, just announced that artists can now be directly paid for their content via stablecoin.
Musicians getting paid
On Sept. 25, Audius announced the successful completion of its private beta phase, which began in November 2023. This update now grants artists on the platform full control over their pricing and enables them to receive payments in USD Coin (USDC).
Fans can use their credit cards to pay artists directly in USDC, then allow artists to change the stablecoin into any currency of their choosing.
The rollout also introduces, for the first time, a community revenue-sharing model, where 10% of each payment will be directed to the Audius community treasury. Governance decisions will determine how these funds are allocated in the future.
Audius co-founder and CEO Roneil Rumburg expressed enthusiasm about the platform’s flexibility, noting that artists have already used it to create innovative opportunities.
“It’s been very cool and surprising to see how artists have leveraged our music marketplace to engage with their fans while creating an entirely new revenue stream for themselves; from selling downloads to creating innovative contests…”
For example, Kato On The Track, an early adopter and beta user who successfully leveraged the marketplace to sell downloads and beats, generating revenue outside traditional streaming models.
The future of music
Rapper MadeinTYO leveraged Web3 tools on the Audius platform to engage with his community by hosting a contest. This allowed him to maintain greater control over his music while fans used his stems to create their own songs.
“To be a successful artist today, you really have to be able to create special, memorable moments to come together with your fans… I’m able to create cool ways to interact with fans and be able to continue making music at the same time with their support.”
Independent labels like DistroKid, EMPIRE and Ninja Tune have already signed onto the platform, enabling their artists to capitalize on its features.
Moreover, Audius recently secured licensing agreements with major performing rights organizations such as Kobalt, ASCAP, BMI and SESAC, which could further legitimize its role within the broader industry.
Earlier this year, Cointelegraph conducted a one-on-one interview with Rumberg, where he shared his vision of a future music industry that is fully decentralized, community-driven, and embracing AI.
In June, Cointelegraph also interviewed a handful of musicians who have been actively using Web3 tools to broaden their reach and enhance their experience as artists.
While platforms like Spotify and Apple Music have long dominated the streaming market, the rise of decentralized solutions can slowly challenge these business models.
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