Audius, a decentralized music streaming platform, announced the closing of its latest funding round, raising a total of $5 million. This is the platform’s fourth round of funding, and it also recently struck a deal with TikTok, allowing Audius to add a feature which will enable artists to share their music directly to TikTok.
Investors in the platform include big names in the music industry such as Katy Perry, Nas, The Chainsmokers, Jason Derulo and Pusha T, as well as leaders like Sound Ventures, Electric Feel Ventures, and former Sony/ATV boss Martin Bandier.
The blockchain startup has been around since 2018 and it currently has over six million monthly users. Many artists have entered the NFT space since the start of the year, and Katy Perry will be releasing an NFT collection in December 2021. This is an interesting move for artists who are very much part of the traditional music label system, as they have to go through various legal procedures in order to participate in a platform like Audius.
“I’ve known that blockchain will change the world since I invested in Coinbase five years ago and I believe it might be the most important technology to ever hit the music industry,” said the rapper Nas in a statement. “Everyone who uploads to Audius can be an owner, you can’t say that about any other platform.”
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.