Decentralised music-sharing startup Audius has raised more than US$5 million in its Series A funding round with investment from General Catalyst, Lightspeed and Pantera Capital.
The company is developing a blockchain-based alternative to music streaming platforms such as Spotify and SoundCloud using an open, eternal and completely decentralised protocol.
Audius will allow a community of artists, developers, and listeners to collaborate on its platform, EDM artist 3LAU said this music model was essential for artists seeking to share their content.
[click_to_tweet tweet=”“Blockchain allows @AudiusProject to do this with tokens and decentralised voting-based governance so artists have a say in how the platform evolves,” said EDM artist @3LAU.” quote=”“Blockchain allows Audius to do this with tokens and decentralised voting-based governance so artists have a say in how the platform evolves,” said 3LAU.”]
The project was co-founded by Sri Lankan pop artist and tech entrepreneur Ranidu Lankage with the aim to give control and transparency back to artists.
Managing director at General Catalyst at Niko Bonatsos said Lankage had developed a solution to one of the worst problems in traditional music-sharing.
“[It’s] a deep technical heart and a compelling solution for a very big marketplace. We’re excited to see the future of music evolve as the Audius platform launches into the ecosystem,” said Bonatsos.
The platform allows artists to connect directly with fans and distribute content without any middlemen, with each account backed up by blockchain to remove the risk of a third party shutting down or removing content.