With the advent of blockchain technology the music industry is also going through a revolution. While Audius is a decentralized music streaming platform, the company has moved a long way further towards decentralizing the music economy by incorporating payments in stablecoins. This step was undertaken to build a more efficient and wholly integrated artist-fan economy in the Web3 environment.
This makes the integration of stablecoins particularly significant for Audius, beginning with USDC – otherwise known as USD Coin. Stable coins are the cryptocurrencies whose values are fixed at a particular asset such as the US dollar such that they offer an assured form of transaction than the other cryptocurrencies.
With stablecoins, Audius seeks to enable the direct and efficient transfers, which are cheap and transparent, of funds that will allow artists to be paid and fans to contribute to their favorite artists.
Musicians on Audius are now able, in an efficient way, to be paid directly in earnings of USDC and, as a result, but have many advantages. It cuts out brokers like record companies or even other ordinary streaming companies that tend to claim a considerable portion of artists’ revenues.
With this change, Audius plans to provide artists with an even fairer approach to earning money from their material. Further, such payments are made instantly to give the artists a real-time balance of what they are earning as opposed to other models that take months to make those payments.
Enabling Artists and Fans for Web3
In his view, Audius’ move to embrace stablecoins will be beneficial to both musicians and listeners, and helps to develop a decentralized creator economy. Web3 that is based on decentralization due to blockchain technologies empowers artists to manage their rights to music and its dissemination.
Old school music streaming services mainly shift power in the middle as creators hardly have control to mere input on how their creations are disseminated for revenue generation. While you see a lot of artists losing control of their work and it is has become highly tilted in the favor of the largest social platforms, Audius allows artists to control their content and fairly distribute the revenues.
Audiences also gain from the stablecoin integration of the platform as well. Existing in a state or form of a stablecoin, fans can meaningfully invest by purchasing their favorite music or directly donating to artists without a concern over the volatility of cryptocurrencies in general. This in a way put in a better place of predictability is rather preferable for both partners in the business.
However, what really defines blockchain is that everyone involved can know that the money paid goes directly to the artists, which forms a strong bond of trust with the fans.
The Web3 Music Industry Evolution and Audius
The industry had always been facing problems such as inequality on the sharing of revenues and other related problems. The issues named above are only emerging now and Web3 platforms like Audius are already seeking solutions for them. Through implementing blockchain and decentralized financial possibilities, Audius is positioning itself in front of a future, when the music industry would be fair for artists.
Audius has been disrupting the music-world already with a decentralized system. It is based in two leading blockchains, Ethereum and Solana, which support quick and safe transactions. The payments with stablecoins are a natural evolution of a platform that is approaching decentralization
Audius addresses the volatility problem skilfully so that both artists and fans can engage in transactions safe in the knowledge that they will not lose their worth due to market fluctuation, and that is made possible by the use of stablecoins.
This decision to support USDC, the most recognized and trusted stablecoin in the world, shows that Audius is an honest, reliable platform striving to offer solutions that are easy to use. The adoption of USDC also uncovers opportunities for cross-sectional activities, particularly paycheck arrangements and payments to artists from any part of the globe without fear of exchanging charges or slow transactions on currencies.
