Blockchain for Music Startup Raises $5.5. Million in New Funding
Decentralized music-sharing protocol Audius has increased $5.5 million in a Series A funding round led by General Catalyst and also Lightspeed Capital the company announced Wednesday.
Headphones and keyboard picture via Shutterstock
3LAU, who is notably headlining what has already been known as a blockchain music festival later this year, stated in a statement it is essential for artists to become part of conducting their content distributors.
Though a release date is not yet clear, the musician-owned platform would allow artists to publish their own work and socialize with fans, rather as platforms such as SoundCloud operate today. However, Audius would provide artists with a greater amount of control over their intellectual property compared to present systems do today, the release claims.
The startup boasts advisers including BitTorrent main architect Greg Hazel, Augur co-founder Jeremy Gardner and artist 3LAU, among others.
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“Artists need decentralized models for audio sharing, and a stake in the platforms that they contribute content to. Blockchain enables Audius to perform so with tokens and decentralized voting-based governance therefore artists have a say in the way the platform evolves. It is a very tasteful model and one which, as an artist, I find immensely attractive.”
Released at Wed, 08 Aug 2018 16:32:22 +0000
Also participating in the investment round were Kleiner Perkins, 122West, Ascolta Ventures along with also Pantera Capital.
The project attempts to utilize a blockchain platform to assist artists control the music that they share, according to a press release.