Audius is on a mission to empower creators and consumers of music. Backed by venture capital firms like Kleiner Perkins, General Catalyst, Lightspeed, and Pantera, the company is looking to give creators more value. The streaming service is currently in the works and making good progress.
How does it work?
Let’s say you release a song on Soundcloud, that song can be re-posted by other users without a shred of credit given. Even as an established artist, only 12% of music revenue goes to the actual artists according to a study done by Audius.
However, when using Audius, artists can create immutable and timestamped records for their songs. The songs are then registered to the Audius network which is decentralized and secured by the blockchain. This means that the metadata (information that describes the data) is secure and verifiable. In other words, other users can’t re-post your content without attribution.
The other benefit of using Audius as a creator is that you get paid immediately when people start listening. Thank the blockchain technology for not having to verify that listens are real.
As a listener, Audius can be used to listen to artists that aren’t available anywhere else. Plus, you know that when you listen to songs the proceeds will go to the artist, not a bunch of guys in suits.
Why does it matter?
Services like YouTube and Soundcloud are making it easier for artists to get their creations out into the world. However, there aren’t many good safeguards in place to avoid stolen content. Soundcloud seems to have little-to-no safeguards but YouTube seems to be on the other end of the spectrum. Even playing a snippet of a song in a selfie video can get the content stricken and taken down by YouTube.
Audius seems to be in the middle of the two services and fairly compensating artists for their creations. The best part is the artists get paid in real time.
I’d love to see a similar service for content creators on YouTube and podcasters. To upload a video or podcast and know it’s protected while also getting paid in real time encourages more creators. I can’t wait to follow Audius’ progress as they launch this service.