With copyright for music such a big challenge, music-sharing protocol Audius uses blockchain to present music producers with a viable solution. Audius has raised $5.5 million in a Series A funding round led by General Catalyst and Lightspeed Capital. The project seeks to use a blockchain platform to help artists control the music they share.
The musician-owned platform will allow artists to publish their work and interact with fans, rather as platforms like SoundCloud operate today. Because of the technology wrap, artists will have a greater degree of control over their intellectual property than existing systems do today.
BitTorrent chief architect Greg Hazel, Augur co-founder Jeremy Gardner, musician 3LAU, among others are advisors for the startup. The platform was conceived by musician Ranidu Lankage and co-founders Roneil Rumburg and Forrest Browning, according to the release. Giving music creators the ability to control their music and generate revenue from their creations will only help to sustain growth in the industry.