Blockchain music streaming platform Audius retroactively sent 50 million ($8M) in AUDIO tokens to its top musicians and fans on the platform. This included big names such as deadmau5, RAC, and Skrillex.
AUDIO tokens were distributed based on a formula. Firstly, 75% was given to creators based on the artist’s content streamed. Following after, 10% of the tokens were allocated to follower counters. Also, playlist and song favorites, as well as songs reposted, received 5% each.
The distribution makes up 5% of the token’s one billion initial supply. A further 406 million (40.6%) of the token’s supply has been set for the Audius team and advisors. Moreso, 360 million (36%) is channeled for distribution among the platform’s investors. The other 178 million (17.8%) of supply is allocated to a community-governed treasury.
On its launch day, the coin hit a low of $0.04 in price. It, however, increased to a high of $0.49 a few hours after Binance backed the crypto asset. In fact, AUDIO soared by 1.125% in its price after receiving support from the Binance crypto exchange.
As per the cryptocurrency data site Coingecko, AUDIO token is now trading at $0.15 at the time of writing. The token’s supply is set to inflate by 7% each year for future distributions to users.
AUDIO is a governance token that allows users to vote on the future of the platform. Apart from that, AUDIO holders have access to an exclusive Discord channel. Lastly, the token can be staked, with 1.4 million AUDIO currently locked up.
Audius Blockchain Music Platform
As a competitor to Spotify, Audius was launched in September 2019. Remarkably, the music platform has attracted more than 750,000 monthly active users. Moreover, it has generated more than one million streams each month.
According to the Audius white paper,
The music industry generates $43 billion in revenue but only 12% goes to content artists.
The music platform, therefore, seeks to leverage blockchain technology to increase transparency regarding payouts to artists. Through blockchain, it also aims to reward content creators fairly.