Audius

• Audius (AUDIO) is a decentralized music streaming and sharing platform on the blockchain.

• Launched in 2018 with native token AUDIO.

• AUDIO token compensates artists for streamed content.

• It is an ERC-20 token with a wrapped version on other networks.

As of today 22 December 2024, the price of Audius is ₹14.49 INR, with a 24-hour trading volume of 8889584.1 USD. The market capitalization for Audius is 199025494.81USD. The circulating supply is 1282814559 Audius, with the total supply also being 1282814559 Audius

Pros:

• AUDIO tokens are pivotal in governing the network and serve as a monetary incentive. By achieving a specific engagement threshold with their tracks, artists can accumulate tokens.

• The AUDIO token enables users to purchase content, ensuring that all proceeds directly benefit the artists.

Cons:

• The project faces tough competition from established platforms such as SoundCloud, Spotify, and Apple Music[10].

• The price of the token has been quite volatile[6].

• AUDIO offers a unique operational model rewarding artists.

• Tokens are rewarded for staking and can be traded for profit.

• Decentralized music-sharing and streaming protocol.

• Direct artist-to-fan distribution and payment.

• Artist tokens for fan engagement.

• Addresses in transparent music rights ownership.

• Eliminates intermediaries between artists and fans.

• Founded by Roneil Rumburg and Forrest Browning, Stanford alumni.

• The team includes entrepreneurs, engineers, and audiophiles.

Audius raised over $9 million through private funding rounds before launching its AUDIO token in October 2020 at an initial price of $0.50.

Funding Rounds:

• September 2021: Raised $5 million in an undisclosed round. The total raised so far is $9.35 million.

• July 2020: Raised $3.1 million in a strategic round led by Binance Labs.

• October 2020: Binance Labs led a $1.25 million extension round.

Prior rounds:

• 2018: I raised $5.5 million in an early round from investors, including General Catalyst, Lightspeed, Pantera Capital, etc.

• Concentrated token holdings: The top 10 wallets hold 92.21% of the total AUDIO supply, indicating high concentration. This raises risks related to potential dumping, etc.

• Hacking and security issues: Audius governance contracts were hacked in July 2022, leading to the loss of tokens. This highlights risks related to vulnerabilities in smart contracts.

• Adoption and competition: Audius user growth has slowed down recently. Also faces stiff competition from larger players like Spotify. The ability to gain more users and artists is a key risk factor.

• Legal and regulatory uncertainty: Issues like the inability to take down copyright-infringing content could pose legal risks for Audius.

• Liquidity constraints: The hacker was able to liquidate only $1.08 million out of $6 million worth of stolen AUDIO tokens, highlighting liquidity issues.

The Audius whitepaper outlines the project’s mission to create a decentralized, community-owned, and artist-controlled music-sharing protocol. The platform aims to give everyone the freedom to share, monetize, and listen to any audio. The AUDIO token plays a crucial role in the platform’s operation, being used for staking by node operators and artists to unlock exclusive features and services[13].

Audius consists of three demographics of users: Artists (content creators), Fans (content consumers), and Service Providers. Artists upload tracks, create albums, and share content with their followers. Fans stream tracks, create playlists, subscribe to & follow artists, and re-share content to their networks. Service providers can provide one or more of the following services by staking $AUDIO tokens: Discovery node and Content node[5].

The platform is designed to align the interests of artists, fans, and node operators through its platform powered by its native AUDIO token. Artists can upload music, stored and distributed by content and discovery nodes, that fans can listen to for free. Currently, Audius rewards content creators through rewards like featuring in the weekly trending lists. In the future, it plans to integrate stablecoins for artists to offer paid content, as well as artist tokens that give fans the ability to access exclusive content[3].

The whitepaper also discusses the platform’s commitment to open and free APIs, which third parties can use to build apps on top of the network, allowing users to interact with the content in all kinds of ways on all kinds of devices. The Open Audio Foundation was formed to steward the long-term growth of Audius[8].