TikTok Partners With Crypto-powered Music Streaming Platform Audius

Audius, a brand new streaming platform built for musicians recently announced its partnership with TikTok, a popular social networking platform.

The partnership aims to build a new feature called “TikTok sounds,” which allows TikTok users to export songs created in partnership with Audius into the TikTok platform with just one click, Audius co-founder and chief product officer Forest Browning said in a statement

Browning also added that almost 95% of Audius users don’t have an idea that blockchain is involved in the integration process. That said, the company plans to leverage blockchain technology by rewarding content creators and increase the transparency of payouts to artists.

Founded in 2016, TikTok, which allows its users to post and create 15-second videos, more than doubled its revenue last year to $34.4 billion according to U.S business news media CNBC. This is despite controversies regarding privacy-concerns in India and the United States.

Today, TikTok has amassed a global user base of 689 million and has already hit 6 billion lifetime downloads on iOS app store and Google Play as of December 2020. Further, Global Web Index estimated that TikTok’s global penetration is at 18%, targeting users aged 16-64.

Audius — dubbed the “decentralized Spotify” — was founded in 2018 and currently one of the largest decentralized consumer blockchain applications by monthly users.

Unlike Spotify or Soundcloud, Audius is operating under Ethereum and Solana blockchain where it has its own cryptocurrency called “AUDIO.”

Audius has already surpassed 5 million monthly active users in August.

This article is published on BitPinas: TikTok Partners With Crypto-powered Music Streaming Platform Audius