Audius, the decentralized music sharing platform raised $5.5 million in its Series A funding round. This funding was led by General Catalyst and Lightspeed Capital, announced by Audius Wednesday.
Audius plans on being a musician owned platform, much like SoundCloud, that allows interaction directly between fans and artists. Audius intends on getting the upper hand on SoundCloud and other competitors by offering more control over the artists intellectual property. The higher degree of control when it comes to the artists music is due to the user of the blockchain platform, all explained in a press release.
Individuals on board with the startup include Greg Hazel, BitTorrent chief architect, Jeremy Gardner, Augur co-founder, and the DJ/ electronic dance musician 3LAU, whom is going to be headlining a blockchain music festival this year.
Justin David Blau, otherwise known as 3LAU said that it is important for artists to have a part in running their content distributors.
3LAU spoke on the importance of blockchain tech being implemented into music by saying:
"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."