Finance isn’t just the realm of big banks and suit and tie types. Money touches almost every aspect of all of our lives.
That’s the big promise of decentralized app networks like Ethereum. It gives anyone anywhere in the world the ability to create and use applications that are open and community-owned, disintermediating rent-seeking middlemen in the process.
That said, one of the most promising areas that Ethereum can deliver in is the culture arena. More than ever, artists and creators need new ways to guarantee their finances on their own terms, and Ethereum dApps can deliver such avenues. That’s where Audius comes in.
What Is Audius?
The music industry pulls in billions of dollars of revenue every year, yet only just over 10% of that money gets into the hands of artists. Even worse, these creators are hardly given any agency as to what happens with their music — from distribution and beyond — after they create it.
It’s time for a change, and Audius is hoping to usher that change in.
How? By serving as a decentralized, community-owned music streaming platform that empowers artists to take control of their music and pave new ways to get paid from, and even enrich, their fans. Audius is trustless, so creators don’t have to worry about being censored for their art as they would on more centralized platforms like Apple or YouTube.
Moreover, Audius is open-source, so developers around the world are free to build atop it and build new kinds of musical experiences however they’d like. And the platform’s data tools can help artists intimately understand their fanbases.
Why It Matters
To date, centralized music streaming platforms have unfortunately proven to be rent-seeking structures that extract as much value from artists as possible. It’s not about the music or the creators for these companies, it’s about the bottom line where profits are concerned. Full stop.
That’s no way to help musicians actually flourish. So instead of making these platforms…