According to Cointelegraph, the music industry has been proactive in adopting emerging technologies at the intersection of Web3 and culture. Audius, a decentralized, community-owned, and artist-controlled music-sharing and streaming service, has announced that artists can now be directly paid for their content via stablecoin. This marks a significant development in the integration of Web3 into the music industry.
On September 25, Audius announced the successful completion of its private beta phase, which began in November 2023. This update allows artists on the platform to have full control over their pricing and enables them to receive payments in USD Coin (USDC). Fans can use their credit cards to pay artists directly in USDC, and artists can then convert the stablecoin into any currency of their choosing. Additionally, the rollout introduces a community revenue-sharing model, where 10% of each payment will be directed to the Audius community treasury. Governance decisions will determine how these funds are allocated in the future.
Audius co-founder and CEO Roneil Rumburg expressed enthusiasm about the platform’s flexibility, noting that artists have already used it to create innovative opportunities. For example, Kato On The Track, an early adopter and beta user, successfully leveraged the marketplace to sell downloads and beats, generating revenue outside traditional streaming models. Rapper MadeinTYO also used Web3 tools on the Audius platform to engage with his community by hosting a contest, allowing him to maintain greater control over his music while fans used his stems to create their own songs.
Independent labels like DistroKid, EMPIRE, and Ninja Tune have already signed onto the platform, enabling their artists to capitalize on its features. Moreover, Audius recently secured licensing agreements with major performing rights organizations such as Kobalt, ASCAP, BMI, and SESAC, which could further legitimize its role within the broader industry. Earlier this year, Cointelegraph conducted a one-on-one interview with Rumberg, where he shared his vision of a future music industry that is fully decentralized, community-driven, and embracing AI. In June, Cointelegraph also interviewed several musicians who have been actively using Web3 tools to broaden their reach and enhance their experience as artists. While platforms like Spotify and Apple Music have long dominated the streaming market, the rise of decentralized solutions like Audius could slowly challenge these business models.
Cointelegraph