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$5.5 Million raised in Series A Funding by a Blockchain Music Startup

A decentralised music startup platform, Audius has announced the successful completion of its $5.5 million Series – A funding round. It was led by General Catalyst and Lightspeed, with participation from Kleiner Perkins, Pantera Capital, 122West and Ascolta Ventures. The community-owned music sharing platform is all set to launch the world’s first ever blockchain-based music protocol.

A decentralised alternative to SoundCloud

Audius’ developers say that its protocol will last forever. Moreover, it will be owned and controlled by a decentralised community consisting of artists, music lovers and developers. It explains itself as

“a blockchain-based alternative to SoundCloud to help artists connect directly with fans and monetize their work.”

This platform aims to remove the problems that were caused in the traditional music sharing service model due to lack of control and transparency of the artists. Popular Sri Lankan pop artist Ranidu Lankage is the founder of the new platform. He popular for going platinum at 19 years of age with a Sinhalese hip-hop single ‘Oba Magemai’. Furthermore, it bought new age of pop music in Sri Lanka. He chose to go independent with the intention of maintaining the grip over his own work. Ranidu along with the other cofounders Roneil Rumburg and Forrest Browning discussed that the power to give back control and creative power to artists lay in the hands of blockchain technology as it removes the problem of centralization and transparency. Along with maintaining Audius, Ranidu also performs occasionally at international events including Ultra and Coachella.

Support from community to the Music Startup

3LAU, an Electronic Dance Music (EDM) artist famous for his knowledge about cryptocurrency and music supported the initiative. He further said,

“Artists need decentralized models for music sharing, and a stake in the platforms they contribute content to. Blockchain allows Audius to do this with tokens and decentralized voting-based governance so artists have a say in how the platform evolves. It’s a very elegant model and one which, as an artist, I find immensely attractive.”

 

 

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