Audius, a decentralized music streaming platform, has closed its latest funding round, raising $5 million in total. This is the platform’s fourth round of funding, and it recently announced a partnership with TikTok that will allow Audius to add a feature that will allow artists to directly share their music on TikTok.
Katy Perry, Nas, The Chainsmokers, Jason Derulo, and Pusha T are among the platform’s investors, as are industry heavyweights Sound Ventures, Electric Feel Ventures, and former Sony/ATV CEO Martin Bandier.
The blockchain startup has over six million monthly users and has been around since 2018. Since the beginning of the year, many artists have entered the NFT space, and Katy Perry will release an NFT collection in December 2021. This is an interesting move for artists who are heavily involved in the traditional music label system, as participating in a platform like Audius requires them to go through a number of legal procedures.
In a statement, Nas said, “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.” “On no other platform, anyone who uploads can be an owner; you can’t say that about Audius.”