Blockchain streaming service Audius has announced a new $5 million investment from a slew of artists and investment firms. The high-profile artists include Katy Perry, The Chainsmokers, Nas, Jason Derulo and Pusha T, plus investment firms Guy Oseary’s Sound Ventures, Electric Feel Ventures, Martin Bandier and others.
“I’ve known that blockchain will change the world since I invested in Coinbase five years ago and I believe it might be the most important technology to ever hit the music industry,” says Nas in a statement. “Everyone who uploads to Audius can be an owner, you can't say that about any other platform.”
Audius was launched in 2018 and has artists such as Mike Shinoda of Linkin Park, Russ, Diplo, Skrillex, MadeinTyo, Deadmau5, among over one hundred thousand other artists who have all uploading music to the site. According to the platform, it has six million users each month. Audius recently announced a partnership with TikTok, so users can upload music directly to TikTok from Audius.