A number of artists including Pusha-T and Nas are investing in the new streaming platform Audius, which is looking to rival Apple Music, Spotify, and Tidal.
Other early and noteworthy musicians who are stakeholders in Audius include Katy Perry, Jason Derulo, Linkin Park’s Mike Shinoda, Steve Aoki, the Chainsmokers, and Disclosure, per a press release. A group of veteran music executives is also investing, including former Sony/ATV Music Publishing CEO Martin Bandier, Madonna and U2’s longtime manager Guy Oseary, and manager Mark Gillespie, whose clients include Frank Ocean and Calvin Harris.
Audius is set to announce a $5 million round of strategic funding on Thursday. The venture launched in 2018 as a streaming service built on blockchain technology, also used to support NFTs, or non-fungible tokens.
“I believe [blockchains] might be the most important technology to ever hit the music industry,” Nas said in a statement. “Everyone who uploads to Audius can be an owner. You can’t say that about any other platform.”