Audius, a web3 music streaming platform allows artists to receive direct payments in stablecoin (USDC), giving them full control over pricing.
Very few industries have been as forward-thinking as the music industry in investigating and adopting Web3 and culture-related technologies.The use cases for Web3 in the music industry are numerous and will only grow. These use cases include fan involvement, exclusive communities, streaming, and distribution.
Audius, a decentralized, community-owned, and artist-controlled music-sharing and streaming service has recently announced that musicians can now receive direct payment for their content using stablecoin.
Web3 Music To Pay Musicians
Audius was one of the early pioneers at this intersection. Audius announced on September 25 that it has successfully completed the private beta phase of its development, which had begun in November 2023.
As a result of this update, artists on the platform now have complete control over their prices and can accept payments in USD Coin. Fans can convert the stablecoin into any currency of their choice when they directly pay musicians in USDC using their credit cards.
Fans can use their credit cards to pay performers. This deployment also introduces a community revenue-sharing model for the first time. This model will contribute ten percent of each payment to the Audius community Treasury. Governance will determine whether to distribute this money in the future.
Roneil Rumburg, co-founder and CEO of Audius, highlighted his excitement about the adaptability of the platform, pointing out that artists have already utilized it to create unique chances.
“It’s been very cool and surprising to see how artists have leveraged our music marketplace to engage with their fans while creating an entirely new revenue stream for themselves; from selling downloads to creating innovative contests…”
Consider Kato On The Track, an early adopter and beta user who successfully used the marketplace to sell downloads and beats, generating revenue independent of traditional streaming models.
The future of music
It was via the use of Web3 features on the Audius platform that the rapper MadeinTYO was able to engage with his community by holding a contest. As a result, he was able to exercise a greater degree of control over his music, even while his followers used his stems to compose their own personal tunes.
“To be a successful artist today, you really have to be able to create special, memorable moments to come together with your fans… I’m able to create cool ways to interact with fans and be able to continue making music at the same time with their support.”
There are already independent record labels such as DistroKid, EMPIRE, and Ninja Tune, which enables their artists to take advantage of the advantages that it offers.
Furthermore, Audius has recently established licensing agreements with major performing rights organizations such as Kobalt, ASCAP, BMI, and SESAC, which may enable the company to further legitimize its role within the industry as a whole.
During the course of the discussion, Rumberg discussed his vision for the future of the music industry, which he considered to be entirely decentralized, community-driven, and open to artificial intelligence.
In spite of the fact that streaming services such as Spotify and Apple Music have long held a dominant position in the market, the emergence of decentralized alternatives has the potential to gradually undermine existing business models.
