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The music industry is facing important changes, all thanks to the platform audius. Its goal is to transfer power and control to artists and fans, which means that centralized platforms and record labels will lose it. It will be a real revolution in the music world that, thanks to Web 3.0. it will be subject to the process of democratization.
Data published by Bank of America
Bank of America recently published a report showing that the Audius platform is able to offer artists higher earnings and greater control over their creativity. This is the purpose of the platform since its inception, which took place in October 2020.
Record labels and centralized digital service providers may be gradually losing their influence through Audius' mission. According to the platform's plan, as much as 90% of revenues are to go to artists, and the rest to node operators, which will inevitably lead to the elimination of intermediaries.
Audius is a new force in the music industry
The Audius platform can begin to be viewed as a decentralized DSP, whereby the power, profits and control that have so far been the domain of major record companies will be passed on to artists and fans.
In addition, the platform recently announced a new feature. It will allow creators to monetize their content, and listeners to submit their comments to artists via a token called AUDIO.
The music industry is entering a new stage
There are many indications that thanks to the Audius platform, a real revolution in the music industry will take place. It is possible that soon completely new rules will apply, and Web 3.0 will also contribute to this. We are witnessing the creation of a completely new financial system and a new management model. The changes that are taking place are not indifferent to the world of art, including the music industry.
The Audius platform's goal is achievable, but that doesn't mean the path to it will be easy. After all, we are talking about abandoning a system that has been in place for many years. Moreover, Audius has to face serious competition from strong market players. While the chances are not even and the fight may be arduous and difficult, the platform has a chance to win it.
