TikTok is partnering with blockchain-based music streaming company Audius.
Artists on the popular video-sharing app, TikTok, can now release their music for purchase in a new section called “TikTok Sounds.”
- TikTok partners with blockchain-based music streaming company Audius
- Audius competes with Spotify with improved monetization for musicians
- Musicians can use the AUDIO token to amplify their income potential
TikTok has picked blockchain-based project Audius as its first partner to help support its newfound position in music streaming.
The Audius app was originally launched on the Ethereum-based POA network, but in October they were prompted to migrate partially to Solana due to performance issues.
Earlier this month, it announced that it had reached five million monthly users, making it one of the most widely-used applications powered by blockchain technology.
Currently, there are more than 100,000 artists with music on Audius, which attracts a young, global audience.
The integration of Audius with TikTok enables artists to take advantage of the app’s 250 million users and reach new fans that previously would have been difficult to access.
Audius CEO, Ryan Singer, said in a statement:
“We couldn’t be more excited to see Audius and TikTok working together”
Among all of these little-known artists, there are a few mainstream stars. For example, American DJ Skrillex is one of the bigger names that has joined this app.
Spotify faces criticism for how it compensates artists while Creators have the possibility to set their own rules for monetizing their music instead of receiving payment with Audius.
Musicians can earn additional income through the AUDIO token, which is earned by staking.
In March, Audius also announced the integration of non-fungible tokens (NFTs).
Co-founder Forrest Browning, however, told Rolling Stone that the lion’s share of the app’s users do not care about blockchain:
“I would say that maybe 95 percent of our users have no idea that blockchain is even involved.”