Bank of America believes Audius can save the music industry.
July 26, 2022
The decentralized music streaming platform will provide artists with greater profits and increased control.
The platform plans to distribute 90% of its revenues to artists and 10% to node operators.
This will be done by removing all the mediators which in return will shift the power to Bank of America.
BAC said the music industry is ripe for turmoil. Still, Audius’ adoption trends and limited music offering relative to larger DSP’s are likely to limit “short-term disruption risk,”
Audius said last week that it was offering a new feature for creators to monetize their content by allowing listeners to send them tips to artists through its token AUDIO.
BAC observed that while Audius’ platform has attracted mainstream artists, including deadmau5, Diplo, Skrillex, and Weezer, its user growth has slowed since December 2021.
The platform said on Saturday that they are aware of reports of an unauthorized transfer of AUDIO tokens from the community treasury after it was the victim of a hack.