How blockchain technology is shaping the music industry
A lot are the players that are pushing the boundaries in this incredible field but, in this article, we want to focus on two of them: Audius and Revelator.
The world is evolving fast as well as the technology behind the music industry. In this field, blockchain is running the show thanks to its incredible features such as NFT, smart contracts, and more. A lot are the players that are pushing the boundaries in this incredible field but, in this article, we want to focus on two of them: Audius and Revelator.
Audius, the digital streaming service built on the blockchain.
Audiusis a digital streaming service that connects fans with artists as well as exclusive new music. It accomplishes this by being completely decentralized: Audius is owned and operated by a thriving open-source community of artists, fans, and developers from all over the world. Audius empowers artists to share never-before-heard music and directly monetize streams. Audius allows developers to build their own apps on top of it, giving them access to one of the most unique audio catalogs available.
Audius was founded in 2018 and serves millions of users each month, making it one of the largest crypto applications ever built. It is backed by an all-star team of investors.
Audius has 7 million monthly active users, making it the largest consumer blockchain app.
Audius, a decentralized music app, now has five million users, making it one of the first truly successful consumer-facing Web3 apps. Audius has seen consistent organic growth since its launch in 2018, thanks to community-driven marketing.
Blockchain can do really amazing things for music. It can improve music fans’ experience and guarantee artists’ control over their valuable work. We have worked to create a strong, engaged community and an easy-to-navigate interface, and that’s what’s attracted and kept fans and musicians on Audius. – Roneil Rumburg, Audius co-founder and CEO
Because Audius is a decentralized protocol, every user is also an owner. The utility token from Audius provides these owners with clear ways to influence and change the service to meet their needs. As a result, Audius has become a popular place for tech-loving artists such as deadmau5 and 3LAU to experiment, but it has also provided a much-needed haven for specialized scenes and cross-genre exploration, music that is frequently underserved by existing streaming music services and platforms. What happens and what takes off is determined by the community, which has grown to 7 million members.
The first streaming service to integrate with TikTok Sound Kit.
In August Audius has been the first DSP to launch with TikTok Sound Kit. Audius’ 100,000+ artists are now just one click away from reaching TikTok’s estimated 1 billion users. The entire process, which consists of simply uploading a track and clicking “Share to Tiktok,” takes under a minute. Tracks can then be played behind their own videos and chosen by the entire TikTok user community.
Revelator, the leading blockchain-based digital asset management platform.
Revelator is the leading blockchain-based digital asset management platform for creative intellectual property, enabling anyone to participate in a safe and robust marketplace. Revelator is a unified data platform for asset management, supply chain management, business intelligence, financial reporting, royalty, and payment distribution.
Revelator’s Web3 infrastructure converts creative IP into digital assets and provides cutting-edge protocols for fractional ownership, smart contracts, and real-time on-chain settlement of music royalties to individual rights holders’ digital wallets.
Revelator’s Original Works integrates with the Flow Blockchain.
Original Works, the leading Web3 Protocol for music IP, converts music IP into a digital asset and connects traditional revenue pipes to on-chain protocols, allowing artists to easily monetize their IP while maximizing yields across their entire portfolio. Its Artist Wallets have already been successfully piloted with Finland’s innovative artist service company Family in Music, making it one of the first real-world applications of blockchain technology for music rights and royalties.
It’s so exciting to see Flow becoming the blockchain for music creators, IP holders, and fans, and this is just the beginning. Revelator is truly changing the game for artists with Original Works by giving them the tools they need on both the front and back end to monetize their music IP. – Mickey Maher, SVP of Partnerships, Dapper Labs
Revelator envisions a time when tens of thousands of the artists with whom its customers work will be able to benefit from Original Works’ Web3 protocols, which will enable efficient payments and a better user experience. Flow will be crucial in these efforts because it simplifies the process of getting assets on-chain quickly and securely. Directly from their Artist Wallet, artists and rights holders will be able to mint, manage, and sell digital collectibles across marketplaces.
The Most Advanced Decentralized Protocol for Music Rights.
Following several wildly successful pilots involving both publishing and performing rights, Revelator is introducing decentralized tech/blockchain to its vast customer base. According to the company, the system will be the most advanced B2B layer of its kind for music, allowing millions of dollars to flow directly to rightsholders’ non-custodial wallets. And, unlike other futuristic blockchain and NFT solutions, this one is real.
This pilot demonstrates that blockchain-based music rights administration is not only feasible but also has the potential to benefit creators in significant ways. It builds on several other highly successful tests of the technology with major global publishers, as well as with Finnish CMO Teosto and music usage tracking experts BMAT, which provide royalties to songwriters and publishers. This pilot used one smart contract per release to ensure money flowed into the Artist Wallet in a matter of minutes, with fees lower than what traditional royalty collection structures charge.