Audius: Better than Spotify, Apple Music, and SoundCloud?
Audius logo picture

Audius: Better than Spotify, Apple Music, and SoundCloud?

By YeXub | Youthful_Exuberance | 24 Aug 2021


Often, crypto investors make investment decisions based on the utility of the cryptocurrency technology. Audius, and its native $AUDIO token was founded by Roneil Rumburg and Forrest Browning, both seasoned crypto investors and scientists. They created Audius as a company meant to be a community owned music-sharing platform that would give artist and listeners more power to control over their music without music streaming platforms acting as middlemen. 

 

The App

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The Audius app provides a platform where artists can share their music and listeners can stream the same. The website and the app runs on Hedgehog, which stores your wallet on the platform upon signing up with Audius and allows for seamless transactions on the app/website. This functionality is not fully operational, but will be soon. 

 

Music Streaming Services vs Audius

The the difference between Audius and popular streaming platforms like SoundCloud, Apple Music, and Spotify is that Audius does not act as a middleman that collects tolls from artists' revenue stream. Not only do artists benefit from obtaining their entire piece of the pie, but the listeners and artist have the opportunity to be rewarded for using Audius. More information about how the platform works can be found in the links below. It is safe to say that for the consumer and the producers Audius, if it has adoption similar to other streaming platforms, is the better streaming platform. 

 

Investments related to Audius

Partnership with TikTok: While the partnership with TikTok does not include any monetization for Audius as a company, it will lead to greater exposure of the app to new listeners and new talents that could start using the platform given its partnership with the popular social media platform. TikTok users are now able to record video and audio using songs found on Audius, just as they would be able to with other streaming services. This new feature is called TikTok Sounds.

Staking: Those who own AUDIO may delegate their token, a minimum of 100 AUDIO (locked down for 7days), and those who stake will earn back rewards for staking their tokens. 

Related cryptocurrencies: AUDIO is an ERC-20 token and the 2nd layer runs on SOL.

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Disclaimers: Not legal nor financial advice. I do not claim to own any of the pictures used in this post. 

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YeXub
YeXub

Crypto Investor '17


Youthful_Exuberance
Youthful_Exuberance

My posts will include information concerning cryptocurrencies alone, and cryptocurrencies and the legal field. The legal posts will not be limited to only the U.S. Jurisdiction, instead it will include any legal decisions that seem to create a precedent that others are likely to follow. Nothing posted under this account is legal advice, purely my opinion.

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