A Look into Audius, A Crypto-Powered Music Streaming Platform

25 August 2021:  With blockchain & cryptocurrency technologies spreading rapidly into a plethora of different sectors, the music industry has been no exception.  New cryptocurrency-based streaming platforms have been popping up over the last few years, and one of these platforms is Audius.  This article will explore the platform Audius and its native currency $AUDIO.

Blockchain Comes to Music Streaming

Audius is a decentralized music sharing / streaming platform that incorporates blockchain technology and operates through its native cryptocurrency AUDIO.  Audius is an open source operated platform that is owned by a community of artists, fans, and developers through $AUDIO.  The platform aims to address the issue of unfair compensation for artists through other major music streaming platforms like Spotify and Apple Music.  Audius has already passed 5 million active users as of last month and has seen the market cap of $AUDIO rise over $1 billion USD.

Creators and artists on the platform have the unique opportunity to produce timestamped records of their works right on the Audius blockchain, creating a indisputable record of the music.  The blockchain itself is secured by a working group of decentralized node operators.  Incentives on the platform are distributed to the three main groups on the Audius blockchain - the artists, fans, and node operators.

$AUDIO Token

The $AUDIO token is an Ethereum ERC-20 token that provides functionality in the form of network security, governance, and access to exclusive features on the platform.  There are currently just over 400 million $AUDIO in circulation with a max supply of just over 1 billion $AUDIO.  Node operators stake $AUDIO in exchange for reward incentives, helping to keep the network fully functional and secure.  Additionally, anyone who stakes $AUDIO gets exclusive governance rights over the protocol in the form of voting on new proposals.  Finally, exclusive features are unlocked for artists who stake $AUDIO.  For example, by staking $AUDIO, artists can now display NFTs they own on their pages.

$AUDIO can be earned a few different ways.  The first is through airdrops for being active on the platform (i.e. $8 million in AUDIO was paid out to the top 10,000 users on the platform in October 2020).  Reoccurring rewards can be earned weekly/monthly through the following ways:

1. Top 5 Weekly Trending Track On Audius: Each winner gets on-chain 100 $AUDIO

2. Have A Top 5 Weekly Trending Playlist:  Each winner gets on-chain 100 $AUDIO

3. Be a top 10 Monthly API App:  dApps can be developed directly on the Audius blockchain.  Successful dApps that drive traffic to the platform receive 500 $AUDIO

There is no vetting process to become an artist on Audius, so anyone can create and upload music to the platform.  Currently, Audius has over 100,000 artists including the likes of Skrillex, Weezer, deadmau5, Russ, Mike Shinoda, Diplo, Madeintyo, Odesza,  & Disclosure, per Decrypt.  Recently, DJ and creator Steve Aoki has also joined the platform.

The platform itself is extremely easy to get started on.  It is simple to sign up and create a page, and there is even some great music on the platform already form small artists you wouldn't normally find on major platforms like Spotify.  The artist page & interface is shown below using my page:

I was able to set up my whole page and upload music in less than a half hour.  Streaming on the platform has consistent speed and high-level sound quality similar to other major platforms - a major plus for Audius.  I uploaded 8 instrumental tracks to the platform; if you are curious, take a listen to the ones on my artist page here.

$AUDIO Token Price Action

With a consistent user base, well-known artists, and the technological stability associated with blockchain-based platforms, the token $AUDIO looks to have the basis to be a potentially interesting long term investment.  $AUDIO recently went on a 168% rally up from about $1.48 up to over $4 before cooling down and settling at its current price of $2.76.  Check out the chart below:

After such a run, it is always encouraged that everyone look for a proper entry point if you do decide you would like to invest.  Based on the functionality and payout system on the Audius platform, the idea is that artists and fans can earn $AUDIO simply by utilizing the platform itself - something to consider before choosing to purchase $AUDIO from an exchange.  I will be testing this functionality on the platform over the next several weeks as both a listener and artist.

$AUDIO can be purchased via an exchange including  Binance, FTX, Gate.io, & Uniswap.

Summary  

Overall, Audius on paper looks like a very interesting platform.  There is a decent sized user base in over 5 million fans, over 100,000 artists including some that are well-known, and has a secure platform that is blockchain-based - a feature unique to the Audius platform.  There are some great small, independent artists on the platform already, so if you are a music lover this could be a great streaming platform to check out.  Plus, it is free to sign up and use.  If you choose to check out Audius or are curious about my page / music, be sure to leave a comment below about what you think!

Audius.co

My Artist Page

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