According to the analysis in the paper, Audius transfers power, profits, control and governance from record labels and centralized platforms to artists and fans.
A real redefinition of roles for the music industry!
It is safe to say that Web 3.0. is democratizing the art world across the board.
The report published by Bank of America: the innovation of Audius
Bank of America, in the report released Thursday, says the Audius platform can offer artists greater profits and more control over their creations.
In fact, the decentralized platform, since its first launch in October 2020, had this exact goal.
The Bank of America report reads:
“Audius aims to shift the balance of power and profits from intermediaries, such as record labels and centralized DSPs [digital service providers], to artists and platform users”.
The platform plans to distribute 90% of revenue to artists and the remaining 10 % to node operators.
Thereby removing all intermediaries.
Audius emerges as a true decentralized DSP that shifts power, profits and control, which have always been under the reins of large record labels and centralized DSPs, into the hands of artists and their fans.
Last week, the streaming service also announced the introduction of a new feature. A mechanism that allows creators to monetize their content by allowing listeners to send suggestions to artists via the platform’s token – AUDIO.
A new era for the music industry
Innovation does not stop, progress will never cross the end line.
What we are witnessing is a sudden and extraordinary change in the rules of the game. Perhaps the fastest and most striking in history.
Web 3.0 is changing everything.
It is shaping a new financial system, a new way of managing data, but also a new view and consideration of the art world across the board.
Bank of America has stated that even the music industry is ready to be disrupted!
However, it is necessary to add that, the timing of adoption of Audius or similar platforms may be a tad slow and difficult.
This is because it is necessary to uproot and move away from a system that has worked for decades.
It is known that big changes never happen in a day.
The note states:
“Competition is an issue, as leading DSPs have built “economic moats” around their businesses by offering large music offerings through record labels and by leveraging personal data to improve the user experience”.
Smaller DSPs, such as Audius, will have to fight in this jungle of big “players” in order to come out on top.
Source: https://en.cryptonomist.ch/2022/07/26/the-music-industry-is-about-to-change-thanks-to-audius/