Last Friday, Audius retroactively sent 50 million AUDIO tokens to the “top 10,000 artists and fans” on the platform, involving big names like Deadmau5, RAC, and Skrillex.
Audius is similar to Spotify. But it competes that streaming platforms and the music industry model as a whole is broken. Audius white paper states that “The music industry generates $43 billion in revenue but only 12% goes to content artists.”
The AUDIO governance token has allowed the holders to vote on the future of the platform and also unlock access to the artists thru the Discord server. The idea is said to dis-intermediate the music industry and rebalances the power toward artists.
With the token launch, Audius had explicitly sampled Uniswap. The decentralized exchange has airdropped the historical users with the UNI governance tokens at launch. The 50M AUDIO was not evenly distributed, but as an alternative, it is sent based on a formula that has taken into how much of an artist’s content was streamed, and the follower count, playlist, and song favorites, also the songs that were reposted.
The formula has heavily favored artists, having over 90% of the tokens that were sent their way and the rest going to the fans.
Nevertheless, last Friday’s distribution is just 5% of the initial token supply of 1B. Another 406M (40.6%) went to Audius’ team and advisors, some of them are artists. Another 360M head to the investors and 178M have earmarked for a treasury that is controlled by the community.