Music-Sharing Project Gains $5M in Initial Funding Round
Audius, the decentralized music-sharing protocol, has concluded its initial funding round spearheaded by General Catalyst and Lightspeed as announced on the 8th of August. Audius is adamant on utilizing blockchain tech and a platform to aid musicians in the content they decide to share.
A closer community
Although no official release date has been set, Audius will operate in a similar fashion to other music-sharing platforms like the famous SoundCloud, although it will provide musicians with more features and direct control of their rightful properties than other systems operating right now do.
Several distinguished advisors are part of the Audius advisory team, including Greg Hazel of BitTorrent, co-founder Jeremy Gardner of Augur and others. An additional member of the team, 3LAU, has been promoting a new event for some time in 2018, stating he would host a music festival based on blockchain-tech. Additionally, 3LAU has stated that artists must be able to operate and manage any distributor of their own content.
As per 3LAU, a decentralized platform for sharing musical content and stakes within the blockchain are heavily required by any artist. Blockchain-tech allows Audius to provide all content creators with these specifics through a just voting system determining the evolutionary path of the platform. He adds that the platform itself is very “attractive” and will draw in more through its operating system.
Ranidu Lankage, a musician, and Roneil Rumber as well Forrest Browning, co-founders, were all involved in the creation of Audius. Additionally, Kleiner Perkins, Pantera Capital, and other distinguished names were involved in the Series A funding round.