Web3 music streaming brings direct stablecoin payouts to musicians

Few industries person been arsenic proactive arsenic nan euphony manufacture successful exploring and adopting emerging technologies astatine nan intersection of Web3 and culture.

From streaming and distribution to fan engagement and exclusive communities, nan usage cases for Web3 successful euphony are plentifulness and only becoming much so. 

One of nan early pioneers astatine this intersection, Audius, a decentralized, community-owned, and artist-controlled music-sharing and streaming service, conscionable announced that artists tin now beryllium straight paid for their contented via stablecoin. 

Musicians getting paid

On Sept. 25, Audius announced nan successful completion of its backstage beta phase, which began successful November 2023. This update now grants artists connected nan level afloat power complete their pricing and enables them to person payments successful USD Coin (USDC).

Fans tin usage their in installments cards to salary artists straight successful USDC, past let artists to alteration nan stablecoin into immoderate rate of their choosing. 

The rollout besides introduces, for nan first time, a organization revenue-sharing model, wherever 10% of each costs will beryllium directed to nan Audius organization treasury. Governance decisions will find really these costs are allocated successful nan future.

Audius co-founder and CEO Roneil Rumburg expressed enthusiasm astir nan platform’s flexibility, noting that artists person already utilized it to create innovative opportunities. 

“It’s been very cool and astonishing to spot really artists person leveraged our euphony marketplace to prosecute pinch their fans while creating an wholly caller gross watercourse for themselves; from trading downloads to creating innovative contests…” 

For example, Kato On The Track, an early adopter and beta personification who successfully leveraged nan marketplace to waste downloads and beats, generating gross extracurricular accepted streaming models. 

The early of music 

Rapper MadeinTYO leveraged Web3 devices connected nan Audius level to prosecute pinch his organization by hosting a contest. This allowed him to support greater power complete his euphony while fans utilized his stems to create their ain songs.

“To beryllium a successful creator today, you really person to beryllium capable to create special, memorable moments to travel together pinch your fans… I’m capable to create cool ways to interact pinch fans and beryllium capable to proceed making euphony astatine nan aforesaid clip pinch their support.”

Independent labels for illustration DistroKid, EMPIRE and Ninja Tune person already signed onto nan platform, enabling their artists to capitalize connected its features. 

Moreover, Audius precocious secured licensing agreements pinch awesome performing authorities organizations specified arsenic Kobalt, ASCAP, BMI and SESAC, which could further legitimize its domiciled wrong nan broader industry.

Earlier this year, Cointelegraph conducted a one-on-one question and reply pinch Rumberg, wherever he shared his imagination of a early euphony manufacture that is afloat decentralized, community-driven, and embracing AI.

In June, Cointelegraph besides interviewed a fistful of musicians who person been actively utilizing Web3 tools to broaden their scope and heighten their acquisition arsenic artists.

While platforms for illustration Spotify and Apple Music person agelong dominated nan streaming market, nan emergence of decentralized solutions tin slow situation these business models.

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