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Audius Blockchain Music Sharing Platform Raises $5.5. Mln In New Funding

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Audius, which is launching a Blockchain-based music-sharing protocol, announced that it has raised $5.5 million in a Series A funding round.

The funding was led by US venture capital firms General Catalyst and Lightspeed. It was supported by other investors including Kleiner Perkins, Pantera Capital, 122West and Ascolta Ventures, all based in the US.

The blockchain-based startup is seeking to decentralize music streaming, and is creating a fully decentralized community of artists, developers, and listeners.

In a statement, the San Francisco-based company, co-founded by Sri Lankan pop artist Ranidu Lankage, said it will continue building its blockchain-based SoundCloud alternative, based upon an open protocol that will live forever.

With Audius, Ranidu, along with his two co-founders, Roneil Rumburg and Forrest Browning, expects to use blockchain technology's potential to address issues with traditional music-sharing platforms, such as lack of artist control and transparency.

Audius helps artists to distribute content to their fans without any middlemen. The artists' account on Audius is backed up forever on a blockchain without any worries of a third party shutting it down. They have complete visibility into their content, and its transparently paid in real-time.

The company noted that 3LAU, one of EDM's most successful independent artists, is among the first participating artists in the platform.

3LAU 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."

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