TikTok partners with Blockchain
Huge positive news for creators
Tiktok announced on 17th August that it is going to partner with Audius. This partnership’s primary reason is to manage Tiktok’s extensive internal audio library. Audius is a music streaming platform and would definitely not seem like the first choice as it is not as humungous as other music streaming sites, such as Spotify or Apple Music.
Audius is a digital streaming music startup that was founded in 2018. And it is the first and only streaming platform that is run on blockchain. Even though till now, Tiktok has not any indication, stating that it would be using the blockchain technology of Audius, to implement a user-centric revenue model. It seems that the incorporation of royalty payments per video plays could be a reasonable approach that one can expect.
Artists on other platforms, such as Spotify are paid in money, whereas Audius uses blockchain transactions, using its very own in-house cryptocurrency, known as $AUDIO. The co-founder of Audius claims that most users are unaware or uninterested in the cryptocurrency “underpinning the platform”, but the price of $AUDIO spiked on coin markets after the announcement was made.
Some independent artists might be cautious to handle payments from a decentralised digital currency that does not have much regulation and very unpredictable value fluctuations. Even Tiktok is not putting its complete faith in blockchain technology and has partnered with other companies too.TikTok in June 2020 had established partnerships with major labels and Indie consortia for music distribution. Tiktok had also announced a new partnership with Spotify to offer premium services exclusive to European artists in July 2021.
But it would be interesting to see how this venture is going to turn up in the future as the world is greatly speaking of the changes blockchain technology has brought up and how it is going to probably be a dominant figure in the future.