Decentralized Streaming

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If you are an independent artist, you know that the world of streaming is currently more competitive than ever before. With over 60,000 new tracks uploaded to Spotify every day, it is getting increasingly difficult for emerging artists to compete on the most popular platforms.

Fortunately, new decentralised platforms are beginning to compete in the streaming space, allowing emerging artists to reach fans more easily. One of the most promising new services is Audius. Built using blockchain technology, Audius pays artists in their own $AUDIO cryptocurrency, and has attracted the attention of prominent investors such as Katy Perry, Nas, and Jason Derulo. But what does this mean for emerging artists, and how can they use it to earn fans and crypto? Here are some of the pros and cons of Audius, so that you can decide whether you want to upload your music to the platform:

Pros

  • It’s free! Artists can upload an unlimited amount of music without paying any money.
  • Audius only has 4,000,000 monthly users, and 100,000 artists. Compared to the 1,200,000
    million artists on Spotify reaching to attract the attention of 381,000,000 monthly listeners, it is
    much more likely that a fan would stumble upon your music on a smaller platform.
  • It’s user friendly. It takes 5 minutes to build a profile and upload music, similar to SoundCloud or
    Audiomack.
  • Artists are paid in $AUDIO, earning crypto as their music attracts listeners. Earning $AUDIO means that artists become part owners of the platform itself, thus democratising streaming and handing control back to the artists. $AUDIO can also be exchanged for other cryptocurrencies (such as Bitcoin and Etherium), or even USD/CAD. As Audius becomes more popular, the value
    of the $AUDIO coin increases, and could one day be very valuable (especially for early adopters).

Cons

  • Due to the volatile nature of crypto, $AUDIUS may one day be worth a substantial amount of money. However, it may also be worth nothing. Crypto is inherently risky (which is a big part of its popular appeal), and if Audius stopped existing, your earnings could lose all value.
  • Not all artists get paid right away. The ways to earn $AUDIO are:
    ○ Have a top 5 weekly trending track
    ○ Curate a top 5 weekly trending playlist
    ○ Be a top 10 monthly API app provider (build an app using Audius’ API)
    ○ Be a verified artist on Twitter or Instagram, and Audius will verify your account on the platform and send a reward for creating your account.
    This means that although the approach is democratic (as top artists are determined through streams), only the top artists actually earn.
  • It can be more difficult to police copyright violations on a new platform, especially a decentralised one. Audius has promised that they will develop a community arbitration system to deal with copyright claims, but this has yet to be deployed.

Emerging platforms and independent artists often face similar challenges. Whether you are new on the scene or a seasoned pro looking to expand, why not give your music the best chance at success by sharing it with every possible audience?

To quote John Galsworthy, “If you don’t think about the future, you cannot have one”.

To learn more, visit audius.org