Audius Guides Web3 Music Streaming Using Direct Stablecoin Payments for Artists
Web3 technology is being embraced by the music business, with platforms like Audius leading the stage and giving musicians creative means of income from their works. Audius recently said that it now lets musicians get payments straight in stablecoins, therefore allowing them more control over their income and interaction with supporters.
Audius’s private beta phase, which started in November 2023, is now over as September 25. Artists on the site may now set their own rates and take USD Coin (USDC), a well-known stablecoin at this benchmark. Music may be bought straight in USDC using credit cards, which fans can then subsequently convert into any currency they like.
Apart from these direct payments, Audius has developed a novel community revenue-sharing system. Under this approach, the Audius community treasury will get 10% of every transaction; future governance choices will decide how these monies are distributed.
Co-founder and Audius CEO Roneil Rumburg expressed delight at the platform’s adaptability and the innovative approaches artists are applying. From selling music downloads to planning interesting events, he pointed out many musicians have already used the market to create fresh income sources.
Early adopter of the site, producer Kato On The Track, for example, has effectively made money by selling beats and downloads outside conventional streaming platforms. Likewise, rapper MadeinTYO has used Audius’s facilities to interact with fans by organizing contests where they may remix his songs under creative control.
Independent labels such DistroKid, EMPIRE, and Ninja Tune—which provide their artists access to its special qualities—have also drawn on the site. Audius’s reputation in the music business has also been strengthened by securing licencing deals with significant performing rights organizations.
Audius’s ongoing inventiveness presents a picture of a dispersed and community-driven future for music. By providing stablecoin payments and encouraging cooperation, Audius hopes to question the long-standing dominance of established streaming services like Spotify and Apple Music, hence perhaps changing the music scene for years to come.
