Find out why the platform just works
What is Audius?
Audius, founded in 2018, is a crypto-powered music streaming app that intends to give power back to the artists. The platform is fully decentralized and offers social media features. The platform is owned and run by an open-source community of artists, fans, and developers, and has its own crypto token AUDIO. Audius gives the power back to the performers and songwriters and allows artists to have more power over how their music is monetized. It operates on a decentralized network of nodes that host the content on content nodes and indexes that content on discovery nodes. The network is powered by Ethereum based ERC-20 tokens which serves three functions; network security, exclusive features for staking, and governance.
No Crypto Knowledge needed to use Audius
Audius doesn’t focus too intently on web3. The crypto company headed by CEO Roneil Rumburg states that is intentional and the bear market is not affecting him or his company at all. Rumburg stated in an interview with media how growth has been able to continue to grow due to the fact that the average user on Audius is not even aware of crypto or that the tech is being used by the platform. No knowledge of crypto is even necessary to interact with the platform as Rumburg has been noted to state “Users aren’t going to use our things if they are so much harder to use than Google, Facebook, Soundcloud, Steam, or whatever it is.”
Achievements made within the platform are rewarded. Being in the top 5 of weekly trending tracks, top 5 trending tracks, top 5 trending playlists, top 10 API apps, or uploads by those with verified Twitter or Instagram accounts are all given AUDIO tokens. The protocol also airdrops hefty amounts of AUDIO based on a formula that takes into account more than just the number of listens, actually adding the level of social engagement the artists has displayed as a major factor as well.
Avoiding the hype build the brand
Audius has been able to avoid the bear market because it doesn’t feed into the hype cycles of crypto, it just simply provides a service that users can’t get elsewhere. The focus of Audius is engagement, which has been held steady with 5 to 7.5 million active monthly users engaged listening or communicating via the social media aspect of the platform. According to the date provided by the company most of the users are EDM fans as the dance community is very strong. It has been noted that dance music creators are usually more tech-friendly and thus more open to participate on platforms such as Audius. Another tech-friendly genre would be hip-hop which is the second most popular genre on Audius. It’s no surprise hip-hop is next as artists and producers of that genre have always been about exploring and creating new sounds for the community.
Audius isn’t in competition
Rumberg has stated clearly that Spotify, Apple Music, Youtube Music, and Google Play are not competition as the team is not trying to compete with those platforms, instead the Audius team is very happy to be able to carve out its own section in web3 and be successful there. All artists are welcome to join and build their own brands in web3 thanks to Audius.