Music, they say, is food for the soul. A historical evolution has become an abode for comfort, entertainment, and other things. That's why it's no shock to see the number of people that stream music. The ease that comes with getting your song choice anywhere and anytime is just amazing. Cryptocurrency has once again proved to be a solution and a panacea to these qualms. Shocking, right? Yes, we mean Audius. Here, we'll discuss this exciting platform and its broad prospects.
The music space comprises several stakeholders, with music creators as a significant bulk. Music creators to date still struggle with several problems ranging from poor earnings, ownership, distribution challenges, sales hurdles, and even transparency. Many of these issues stem from different factors that have plagued the industry for a long time.
Audius: Meaning
A decentralized music streaming platform embedded with social media inclusions, Audius opens the door for listeners to engage and interact with music creators who double as AUDIO holders, Audius's primary coin. This innovation provides artists with a medium to put their music on the service while linking fans with these creatives and their works. In other words, you can define Audius as a music streaming app with crypto backing and its customized unique token. Think about iTunes or Spotify, only with existing quality on the blockchain.
Laying down roots in the year 2018 with its co-founders as Roneil Rumburg and Forrest Browning, Audius utilizes blockchain technology with a significant aim of rightly compensating artists with their dues and bridging the compensation gap that has thrived for years. Audius also technically exists as a blockchain protocol that provides music creators with the freedom to make records that can't get replicated for their artistic bodies of work, all safeguarded by a decentralized network of node operators.
Audius originally existed on the POA network and, in 2020, transferred its service components to the Solana blockchain. This migration was a result of the increasing demand for content streaming. The blockchain felt like the perfect space to improve its performance and solve scaling problems. Its primary token, AUDIO, didn't follow this development, though. It still stays on the Ethereum blockchain.
Audius now boasts 5.3 million special users, if not even more as of July 2021. The app saw a surge in April 2021 as its collection of users, together, have been listening to music more than 7.5 million times there. This reality made history as the platform's busiest month till now. Audius has undoubtedly been an attention magnet to mainstream artists who primarily invest in the app. It has no doubt broken higher grounds in the music world.
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How Does Audius Work?
Audius' operation is both exciting and straightforward. It functions as a music abode alongside AUDIO, taking cues from the network's three significant stakeholders. Artists, their audience, and node operators are among them. Audius, as a blockchain-based platform, also functions via a decentralized network of content nodes. These are the host nodes for the content. It also works with discovery, which is a content index.
This makes it simple to give solutions to issues like royalties, control, music rights, and distribution freedom, to name a few. There are no middlemen between music creators and their audience, allowing for direct and unrestricted interaction on the platform. The conversion of streams and plays to payments does not fully apply here. Monetary compensation for music artists also depends on their actions on the space, total user engagement, and interaction with their audience.
Music sharing improves on Audius as music creators get the chance to put out their songs through decentralized nodes. Artists are now experimenting with new ways to price their audio works without ceding control. Music creators can earn AUDIO, simply by getting into specific playlists and collections, such as the Top 5 Weekly Trending Track, Top 10 API Apps, Top 5 Weekly Trending Playlists, and first uploads by artists that their social media accounts verified.
Artists also use their tokens to interact with their fans. Holders can gain limited access to specific works, such as exclusive tracks and remix contests. AUDIO tokens as inclusions of the Audius protocol are something artists hold. These rewards depend on how they've socially engaged their audience and the initial consideration of the amount of listens.
In October 2021, we witnessed the distribution of 50 million AUDIO tokens by Audius to a total of 10,000 artists and users. It also intends to support stablecoins such as USDT. This advancement will allow fans to gain access to paid content.
AUDIO: What is it?
Audius exists thanks to its token, AUDIO. It also powers the Audius network and functions in three primary ways:
Staking of tokens occurs with the assistance of node operators, resulting in network rewards.
You need AUDIO to be a contributing member of any of the platform's proposals, which alter the code and network as a whole.
- Access to Special Features
Limited features, such as the freedom to sell NFT crypto items on Audius, are available to artists through token staking.
There is over 500 million AUDIO circulated already as of December 2021. This ERC-20 token possesses an initial supply of 1 billion and is without maximum supply.
Yes, it is. Audius differentiates itself from its counterparts due to its blockchain-based structure. One of its main differences is that it allows music artists to spread their creations while maintaining quality ownership. They get the freedom to put out their works and pull in listeners without any costs while also earning money.
Another distinction is the inclusion of AUDIO holders in network administration. Audius provides a haven for artists because they can vote in favor of any future changes to the platform. This advancement is a distinct quality that its other competitors do not have.
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What does the future hold for Audius?
In August 2021, Audius got the opportunity as a Tiktok partner for the platform, giving room for song transfers onto the app. Tiktok, with its existing user base, now boasts new Audius incorporations. Audius is now backed by 75% of TikTok users in the United States as a method to discover and enjoy new music. This reality is reflected in its total global user base of 730 million.
It's a no-brainer. Judging by its strides, qualities, and achievements, it's safe to say that the future is pretty bright for Audius. Sure, its use cases share similarities with a couple of existing music streaming platforms, but its differences are seeds of fresh prospects in the music space as a whole. Artists now get more opportunities to earn money from their craft. Furthermore, it shows the practical applications of blockchain technology in several parts of one's life.
In all, the growth Audius is experiencing now will also blaze trails for other functional and brilliant innovations in its line.
