Blockchain music-streaming startup Audius raises $5.5m

Blockchain music-streaming startup Audius raises $5.5m

The new startup called Audius is now building a blockchain-based alternative to Spotify or SoundCloud.

According to TechCrunch:

Users will pay for Audius tokens or earn them by listening to ads. Their wallet will then pay out a fraction of a cent per song to stream from decentralised storage across the network, with artists receiving roughly 85 percent… The rest goes to compensating whomever is hosting that song, as well as developers of listening software clients, one of which will be built by Audius.

The company has opted to take investment – a $5.5m Series A round – in the traditional way, tapping VC firms including General Catalyst, Lightspeed and Kleiner Perkins.

Audius is founded by Sri Lankan DJ Ranidu Lankage, and like fellow DJ-founded blockchain service Choon, the company is focusing on signing up independent electronic musicians.

Once again, the question is: can a new music-streaming service go up against Spotify, Apple Music, Amazon, YouTube and the rest?