Audius, a blockchain-based music streaming company, received $5 million in a strategic round of fundraising from some of the industry’s biggest names.
Katy Perry, Nas, The Chainsmokers (through their Mantis VC), Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and Disclosure are among the artists who have invested in Audius, according to Decrypt.
The decentralised music streaming programme, which claims to have around six million monthly active users, is owned and controlled by an open source community of artists, fans, and engineers. It also allows musicians to upload their tunes for free. Audius, unlike other services such as Spotify and Soundcloud, allows artists to keep ownership of their music. Each music that is uploaded to the site contains a timestamp that indicates when it was created.
Artists have already moved in the crypto industry through investments and even showcasing their Non Fungible Token (NFT) collections. For example, Rapper Nas was one of the early investors in cryptocurrency exchange platform Coinbase.
“I’ve known blockchain will revolutionise the world since I invested in Coinbase five years ago, and I feel it could be the most crucial technology to ever impact the music industry,” Nas said in a statement.
On Audius, everyone who uploads could be an owner; you can’t say that about any other platform.
Audius last funded $3.1 million in a strategic round headed by Multicoin Capital and Blockchange Ventures, with participation from Pantera Capital, Collab+Currency, and Coinbase Ventures in July 2020.
Along with the new $5 million investment, the San Francisco-based company has raised $13.6 million till date.