As we reported earlier, Audius has long flagged the desire to monetise the streaming platform.
Web3 music streaming service Audius is offering a new feature for creators to monetise their content by allowing listeners to send tips to artists, the company said Tuesday. The blockchain-based music streaming service is enabling fans to tip artists using $AUDIO token, the platform’s native cryptocurrency.
More Forms of Monetisation to Come
Audius, a platform serving seven million listeners and 250,000 artists, caters to artists who want to share their most exclusive content for their biggest fans on the blockchain. Now, it’s taking the platform it has grown since 2018 in the direction of creator monetization to support artists in new ways, Audius co-founder and CEO Roneil Rumburg told CoinDesk.
“We’re creating new ways for our seven million active monthly users to show their favourite artists how much they appreciate their work,” Rumburg said in a statement. “But this is just the first piece of monetisation – in the coming weeks and months we look forward to expanding on monetisation with more options for fans and artists alike.”
“Since we launched Audius, our north star has been to empower artists to monetise their work on their own terms,” said Audius co-founder and Chief Product Officer, Forrest Browning. “Today, we arrive at the first landmark in our monetisation roadmap: tipping. I’m really excited to release this feature – it’s crucial stepping stone along the road to a monetisation landscape that truly gives artists financial and creative independence”. “We’re not necessarily trying to attract 100% of somebody’s fan base from a different platform. We’re trying to attract maybe the top 10 most engaged superfans” the ones who will tip their favorite artists, said Browning.
Earlier this year, Audius introduced audio rewards for users to earn tokens by following artists, creating playlists or uploading songs. Fans can now use those tokens to send tips to artists, or connect an external crypto wallet. Audius plans to allow tipping in fiat currency via credit cards in the coming months, according to Browning.
The company also plans to introduce “ways to tip that do not require tokens”. The platform already offers fans the opportunity to bankroll their favourite artists by harnessing the power of DeFi. They can also benefit from music sales as part copyright owners, thanks to NFTs.
But tipping isn’t just a one-way street. Artists can react to fans’ tips with emojis to show their thanks. And fans’ tips will display in their profile, as well as on a public leader-board for artists’ biggest tippers.
Launched in 2018, Audius hosts over 250,000 artists who have released a combined one million tracks on the platform. “A lot of experiments have been run over the years to evolve the music industry’s business model,” said Rumburg. “But we’ve yet to see a platform that strikes the right balance, improving the music experience for the parties that matter most – artists and their fans.
Audius is laying the groundwork for a new era where artists reclaim control over their work and their earning potential, all the while giving fans a closer relationship to the music they love. Tipping is a small first step in this direction.
Roneil Rumburg, co-founder and CEO, Audius
Artists including Katy Perry, Nas, Jason Derulo, Pusha T, the Chainsmokers and Steve Aoki have all invested in Audius. “Everyone who uploads to Audius can be an owner; you can’t say that about any other music streaming platform,” says rapper/entrepreneur Nas.
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Source data from Music Week and Coin Desk
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