Blockchain-Based Music Start-Up Raises Funding of $5.5 Million

Chirayu Choubisa

August 9, 2018 1:08 pm

Blockchain News

Blockchain-Based Music Start-Up Raises Funding of $5.5 Million | Coindelite News
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Audius a Decentralized music-sharing protocol announced on Wednesday; it has raised $5.5 million in Series A funding led by General Catalyst and Lightspeed Capital.

As per the Press Release, the project sought to use a blockchain platform to help artists control the music they share.

While a release date isn’t clear yet, the musician-owned platform would enable the artists to publish their work and interact with fans, somewhat as platforms like SoundCloud operate today. Although, Audius would give artists with a greater degree of control over their intellectual property than existing systems do today, the release asserts.

The start-up possesses advisors including Greg Hazel Chief Architect of BitTorrent, Jeremy Gardner co-founder of Augur and musician 3LAU, among others.

3LAU who is prominently headlining what’s been named a blockchain music festival later this year stated in a statement that it’s essential for an artist to be part of running their content distributor.

He stated:

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

As per the release, the platform was conceived by musician Ranidu Lankage and co-founders Forrest Browning and Roneil Rumburg. Also participating in the investment round were 122 West, Kleiner Perkins, Pantera Capital and Ascolta Ventures.

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