Key Takeaways
- Audius is currently offering artists a 20% annual reward rate.
- AUDIO token holder can participate in governance of the protocol.
LAGOS (CoinChapter.com) — A new study has found that Audius, a blockchain-based decentralized music streaming platform, rewards artists way more than other traditional music streaming services in the fast-growing streaming industry.
Garden over Peanuts
According to Messari, a crypto data analytics and research firm, Audius is currently among the highest-paying streaming platform. In addition, data from the firm indicates that Audius pays artists on its platform more than Apple Music and Spotify combined.
Notably, Audius pays out almost $0.35 per stream, more than what Apple Music ($0.01) and Spotify ($0.003) pay artists.
It is worth noting that streaming services platforms including Amazon, Tidal, Deezer, among others, also pay artists very poorly. For example, in 2021, streaming services raked in over $13 billion in revenue, and artists only received a fraction of the revenue.
Moreover, Audius gives 90% of the platform’s revenue to the artists directly. Compared to 12%, which goes to the artists in the traditional music industry.
The blockchain platform with more than six million unique users focuses on providing artists with better revenue. Currently, offering over 20% annual reward rate, artists can do well by Audius instead of choosing other traditional streaming channels.
Audius explained
In addition to offering artists better pay among music streaming services, Audius also has several unique features. Firstly, the Web3 streaming protocol is owned and managed by an open-source community of artists, fans, and developers.
Audius native token, AUDIO, governs artists’ and curators’ protocols and rewards. The token holder can vote and participate in the governance of the protocol. Also, AUDIO stakers can participate in the network’s operations as content nodes or discovery nodes.
The blockchain protocol also allows artists to produce immutable and timestamped records for their work, secured by a decentralized network of nodes. The protocol was originally built on POA Network but later moved to the Solana ecosystem.
Additionally, the Web3 platform does not take a cut from artists’ revenue. Instead, music artists receive 90% of the revenue in AUDIO. Notably, the remaining 10% are given to stakers that support the Audius network.
