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TikTok partners with blockchain- based music streaming platform Audius for its Sounds Library

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Joyashree Dey Follow

INDIA

Aug, 19 2021

Aug, 19 2021

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Ethereum and Solana blockchain based music platform, Audius has become the first streaming service to partner with Chinese company ByteDance’s popular social media service TikTok for its new feature “TikTok Sounds” library to let artists easily transfer songs into the video-centric app.

The partnership is the first for Audius’ Sound Kit functionality with TikTok, to permit direct sharing, which founders of Audius say takes less than a minute and can possibly expose them to a larger audience.

CEO and co-founder of Audius, Roneil Rumburg stated, “The workflow for getting songs into TikTok is fairly cumbersome today…To avoid it, some artists even resort to holding their phone up to their laptop’s speakers to re-record the sound for TikTok. With the Audius integration, artists who have content on Audius are able to push it into Tiktok with one click.”

This partnership is indeed a great deal for Audius as in July, TikTok reported that 75% among its 732 million active users use the app for discovering new music. “The TikTok integration lets Audius artists link their following on TikTok back into Audius, and vice versa, which helps them grow their following on both sides,” Rumburg added.

Since its arrival in 2018, unlike Spotify or Apple Music, Audius is a fully decentralized service built on a blockchain network rather than relying on centralized servers and oversight. Rising from less than a million monthly listeners in January to 5 million in August, Audius grew extensively.

The blockchain based music streaming platform is driven by the Ethereum based AUDIO token, where users of Audius can stake to take part in governance decisions as well as earn rewards for top artists and active listeners and also making safe the network.

According to CoinGecko, AUDIO’s price is risen 15% over the last 24 hours to a price of $1.82, making it the highest price ever seen since the wider cryptocurrency market tanked in May, 2021.


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Joyashree Dey

CBW - External Analyst

INDIA

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