Music carries a lot of emotions that each one of us can relate to personally. This is why we always have special bonds with music. The mode of listening to songs has come a long way. During our ancestors’ period, it was the gramophones through which they listened to songs. Later on, tape recorders and DVD players came into being. The digital era paved the way for music streaming apps where they can listen to music through their mobile phones.
Why not go a notch higher and try something new? Right! How about creating a channel for musicians to release their compositions directly to their fans? I hope you are all excited about this new ideology. Here’s how you can make it happen through a well-developed Audius clone.
Audius – A one of its kind platform for artists
The musicians who pour out their hearts and souls in creating the soothing music often go unrecognized. This is because they cannot market or release their soundtracks directly to the listeners. They have to undergo several middlemen in order to release their album. Firstly, they have to find their producers to produce their music albums.
Following that, they have to find a music company and a distributor to release their music videos or music albums. They have to come across these many middlemen to release their tunes. However, the producers, music companies, and distributors will share the profits gained out of the sales of the albums. At last, the composers get a very minimal amount of royalties. This is a serious challenge faced by the artists.
The major intention of a platform like Audius is to develop a decentralized platform where the artists can perform directly to the fans and earn their revenue directly from them. Audius solves two major challenges in one solution. The composers will get to earn their revenue directly from the users. The platform is quite affordable for users to listen to music compositions.
The decentralized platform will not permit any third parties to access them. It is governed by the ERC-20 token called AUDIO. This governs the security mechanisms and other activities of the platform.
How does a decentralized music streaming platform like Audius function?
In the previous passages, we have discussed how Audius works in a decentralized blockchain platform. Now it has upgraded its services and announced that it would function by integrating with the Solana ecosystem. Audius has launched its NFT Solana integration. This eventually allows its users to feature the NFT collectibles from their Solana library.
Solana, the fastest-growing blockchain in the world, has joined its hands with Audius. It will also integrate with Solana’s multi-chain wallet Phantom and browser. The newly introduced features are open for Silver tier users who own more than 100 AUDIO, the native token of the platform. In December 2021, Katy perry will release the NFT collectibles of the platform.
Audius is also collaborating with TikTok, where the artists can directly share or send their compositions to the TikTok platform. TikTok, the undisputed leader in the video-sharing app market, will be partnering with Audius to encourage their users to create videos for the music created on the Audius network.
How does Audius function in blockchain technology?
- It has its own platform utility token called the AUDIO. It provides all the incentives for the users in the platform and enhances the functionality of the platform with access, security, and governance.
- The Content nodes will provide access and permission for the contents on behalf of the artists.
- When the composers create their music, they are stored in the content ledger. It is referred to as the “single source of truth”, where all the collections created within the Audius sphere can be accessed.
- The Content ledgers are indexed, and here, you can retrieve all the metadata.
- The governance feature will take into control all the operations and functionality of the platform. It also keeps track of the compositions created within the platform.
- Among all the listed features, the governance part of it plays an important role. This helps in further diversification of the platform to several folds. Here, the governance is provided by all those who own the AUDIO tokens. This gives a sense of credibility for the composers and the users of the platform.
Why should you consider launching a decentralized music streaming platform like Audius?
As entrepreneurs, you will be quite aware of how NFTs have been revolutionizing the world in recent years. NFT, known for creating authenticity for rare collections of products, is now teaming up with the music industry. But, why? Generally, in NFT the creators can generate high-end revenue for their collections. This is why content creators or artists largely prefer NFT platforms to showcase their works.
When musicians mint their music compositions into NFTs, they could sell or auction them for their fans directly on the platform. This helps them avoid intermediaries and directly reach their users. Imagine the profit generated by the musicians in selling their NFTs directly to their fans.
Several businesses and industries have adopted the blockchain’s distribution ledger to protect and secure their transactions. Their intervention in the music industry will provide freedom for the musicians to create their own pieces of music for their fans. There are no restrictions for their compositions. However, they are not controlled by any central bodies to control them.
The white-label NFT music marketplace will be a decentralized platform solution through which the artists can earn their recognition and royalties for their piece of work. As an owner of the decentralized music platform, you will also get a chance to rake your revenue in millions. Hence, it will be an amazing opportunity for you to shine out in the NFT marketplace.
Wrapping up,
In recent years, we could witness a surge in the number of artists marching towards NFT platforms to sell their works. Blockchain technology has taken over all industries through its impeccable functionality. So, why wait? Get boosted up to launch your NFT music marketplace like Audius.
