Streaming platform Audius has released functionality enabling its music community to tip their favourite artists.
The blockchain-based discovery platform and SoundCloud rival is enabling fans to tip artists using $Audio token, the platform’s native crypto currency.
“The tipping tool is just the first monetisation feature to launch as part of Audius’ broader efforts to be the premier artist-first platform in the music space,” said a statement.
“Since we launched Audius, our north star has always been to empower artists to monetise their work on their own terms,” said Audius co-founder and chief product officer, Forrest Browning. “Today, we arrive at the first landmark in our monetisation roadmap: tipping. I’m really excited to release this feature - it’s a crucial stepping stone along the road to a monetisation landscape that truly gives artists financial and creative independence.”
Following the launch of the new tool, fans will be able to “tip” their favourite artists using $Audio tokens as a way to show thanks, appreciation or support.
“We’re creating new ways for our seven million active monthly users to show their favourite artists how much they appreciate their work,” said Audius co-founder and CEO, Roneil Rumburg. “But this is just the first piece of monetisation - in the coming weeks and months we look forward to expanding on monetisation with more options for fans and artists alike.”
The company said that it plans to introduce “ways to tip that do not require tokens”.
We look forward to expanding on monetisation with more options for fans and artists alike
Audius has created a tipping leaderboard to showcase community members’ generosity.
Launched in 2018, Audius hosts over 250,000 artists who have released a combined one million tracks on the Audius platform.
“A lot of experiments have been run over the years to evolve the music industry’s business model,” said Rumburg. “But we’ve yet to see a platform that strikes the right balance, improving the music experience for the parties that matter most: artists and their fans.
“Audius is laying the groundwork for a new era, where artists reclaim control over their work and their earning potential, all the while giving fans a closer relationship to the music they love. Tipping is a small first step in this direction, and we are so excited for music lovers to see what is ahead in our roadmap.”