Blockchain-based music streaming platform Audius collected $5 million in a prudent round of funding from some of the prominent names in the music world.
Artist investors in Audius include Nas, Katy Perry, Jason Derulo, The Chainsmokers through their Mantis VC, Steve Aoki, Pusha T, Disclosure and Linkin Park’s Mike Shinoda.
The platform that avows to have about 6 million monthly active users is a decentralized music streaming application operated and owned by an open-source community of fans, artists and developers. It also allows musicians to upload their songs free of cost. Unlike other platforms like Soundcloud and Spotify, Audius allows artists to own their music. Every song uploaded here carries a timestamp record of origin.
Artists have already entered the crypto world via displaying their collection of Non Fungible Tokens (NFTs) and even through investments.
Audius has last gathered $3.1 million in July 2002 in a judicious round co-led by Blockchange Ventures and Multicoin Capital, with participation from Pantera Capital, Coinbase Ventures and Collab+ Currency.
Along with the current $5 million investment, the San Francisco-based firm has collected $13.6 million till now.