Blockchain-based music streaming platform Audius has partnered with TikTok, becoming the first streaming service to sign a deal with the social media app.
The problem Audius hopes to solve is the small cut of music income that goes to artists. It’s estimated that musicians earn just 12% of the revenues, with gross music income of $23 billion globally in 2020. Audius aims for artists to be paid directly every time a song is streamed. However, the functionality has not yet been enabled. As one Reddit commentator observed, Audius would first need to prevent someone from earning money by uploading pirated music.
For young content creators in the music industry, TikTok seems like the ideal platform to expose and promote their work. TikTok’s algorithm is built so that every video has a chance to go viral, and an account’s number of followers is not a factor in the recommendation system. This means that lesser known artists can pop up on other users’ “For You Page” if they view similar content, and as more users watch a video, the more likely it is to spread through the app. It is also easy to create and upload content and it has a faster speed of streaming than any other social media service.
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