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The music broadcasting industry, where digitalization is effective, also gets its share from the blockchain transformation. Musicians who want to move away from monopolized record companies and audio broadcasting organs are in search of a platform where they can publish their works. In addition, they want the platform on which they broadcast to be a fair income model and to be more free. The Audius project was developed as a great alternative to the music broadcasting industry in order to close this gap. Audius, which offers decentralized music streaming and rewards participants with AUDIO tokens?
1 Transforming Music Industry2 Audius Team3 Where to Buy AUDIO?3.1 Key Features
Token Type: “Governance ”, Governance Token
Total Supply: 1,043,525,641
In Circulation: 400,244,000 (as of August 23, 2021)
Transforming Music Industry
Today, records and cassettes are known as the nostalgic products of the music industry. The methods of transferring music from the artist to the listeners are changing with technology.
I think it would be helpful to analyze the transformed music industry with data to understand the process leading up to the Audius project. Global Music Industry Profit Graph by Streamer (Billion Dollars)
According to the IPFI (International Federation of the Phonographic Industry) 2021 report, the music industry has been undergoing a drastic change over the past decade . While the number of global physical sales is decreasing, we are seeing the increase in the number of streaming services such as Apple Music or Spotify. Service providers, which had a share of only 0.4% in global music revenues in 2010, had a share of 13.4% in 2020. On the other hand, physical sales, which dominated the market with a share of 23% in 2001, closed the previous year with 4.2%. The impact of digital transformation on the music industry is huge, and while there is such a ground, it is possible to say that blockchain technology will change the music market a lot.
In the team of the project, There are 19 successful names in the field.
One of the co-founders of the team, Roneil Rumburg, is a name who worked in the “BlackSlash” organization, which was established to make BitCoin payments fast.
In addition, he is one of the core investors of projects in the crypto ecosystem, especially Lightning Labs.
We see that the other co-founder of the project is Forrest Browning. He started the StacksWare company, which he had previously founded, as a project at the university. In parallel, he has been named among the successful names under the age of thirty by Forbes.
In addition to popular DJs such as deadmau5 and 3LAU, there are also founding partners of companies such as EA Games and Twitch.
The mainnet of the project took place in September 2020 with the live performances of deadmau5 and RAC. In the lead up to the mainnet, Audius raised funds from investors like Pantera Capital and Binance Labs. Also, it has been in development since 2018.
Where to Buy AUDIO?
AUDIO token; It can be purchased from popular centralized crypto exchanges such as Binance, FTX, Crypto.com. In addition, you can purchase AUDIO from decentralized exchanges such as 1inch and Uniswap.
Audius is a decentralized streaming platform built to fairly reward open source and community-driven music and podcast producers.Users can earn passive income by “staking” AUDIO tokens. Also, artists can benefit from different features if they stake AUDIO. For example; The display of NFT collections on the Audius platform is one such feature. The project’s token AUDIO has another important role. As we mentioned at the beginning of our article, AUDIO actually appears as a governance token. In this way, AUDIO owners can have a say in the voting to be held on the network. In parallel, we can say that the Audius project is a democratic and decentralized music broadcasting platform. In addition, the reward system also differs according to the evolution of playlists and favorites. With the 5 most followed tracks and 5 playlists, the owners of the 10 most preferred API applications can earn AUDIO tokens if their Twitter or Instagram accounts are approved. We mentioned that the purpose of the Audius network is to support music producers in a fair way. For this reason, the Audius financial policy was designed to distribute 90% of AUDIO tokens to artists.Also, listeners don’t have to pay any fees. However, it is also possible to abuse a democratic and equal opportunity environment. As of yet, the gray area on copyright is not completely closed. Audius officials say that a community-owned evaluation system has been developed for copyright. Node operators, artists and listeners contribute to the work of the Audius network. Node operators are also divided into two: content and discovery nodes. Some of these nodes enable content to be held and participate in the blockchain, while the other enables artists to meet with their listeners.
You can also watch our video where you can get information about the Audius project and the AUDIO token: