Katy Perry and a host of other artists have invested $5 million in blockchain music stream platform Audius
Audius gets $5 million from Katy Perry, Nas, and Jason Derulo
Audius, a blockchain-based music streaming platform, has received a $5 million investment from some leading artists, including Katy Perry, Nas, and Jason Derulo. The Chainsmokers, via their Mantis VC, also took part in the investment round.
According to a report by Rolling Stone, Audius will use the funds to expand its services. “Artist investors include Katy Perry, Nas, The Chainsmokers via their Mantis VC, Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and Disclosure,” the report said.
Audius also received investments from some leading music executives, including Martin Bandier, who ran Sony/ATV Music Publishing as its chairman and CEO, Guy Oseary, Madonna and U2’s longtime manager, Michael Kives, founder/CEO of investment firm K5 Global and Bahamian recording studio owner Charles Goldstuck amongst others.
Blockchain technology will benefit songwriters and creators
Veteran chief executive Bandier told Rolling Stone, “Blockchain, which I understand to be a transparent and immutable ledger of transactions, should benefit songwriters and other creators in a way beyond what the current system permits. Songwriters need more avenues for revenue, and this model should also help expedite payments for their music as it streams across the world.”
Bandier believes that Audius has what it takes to be better than Spotify due to the various advantages of the blockchain technology. “The blockchain is enabling entirely new revenue streams for artists and creators, like NFTs, social currency, and curation. Audius is not only using the blockchain to add potentially significant revenue streams for artists, but it also allows them to cooperatively own the platform itself,” he concluded.