Audius ($AUDIO) gets less streams per month across its entire catalog than one old pop song on Spotify. At this rate, it’ll catch up to Spotify’s streaming metrics in about 6,000 years
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Audius ($AUDIO) is the decentralized music streaming platform that launched in 2019 that you guys have probably heard of that’s trying to dethrone Spotify with Web3 tactics.
It’s backed by Multicoin, Coinbase, and a bunch of famous musicians like Katy Perry, Steve Aoki, deadmau5, rack and skrillex. It’s currently on CoinMarketCap for $155M, and was once over $1B.
I checked out the platform, and wrote a thread on Twitter about it, that I unpack below: https://twitter.com/OriNagel/status/1580777214110416898
Audius currently gets about 6M streams a month. Katy Perry’s an investor right? That’s less streams than she gets on one old pop song (“Firework”) every month on Spotify.
Seven years ago pre-IPO Spotify revealed that it has 1 billion streams a day, or 30B a month.
At Audius the number of monthly plays is growing slightly, increasing by 410,000 plays per month since the low in Jun’22. At this pace, Audius will catch up to Spotify’s pre IPO stream usage in about 6,000 years.
I get that it’s still a new platform, but it launched in Sept 2019–giving the team three years to be generating traction. If all you have to show for it is collecting less streams in one month than a viral video has in a day, how in the world is this supposed to be a sustainable business?
It’s great that Audius has some celeb cache behind it. The tokenomics granted early investors and founders with 75% of AUDIO tokens, which unfroze a long time ago. Maybe it’s time for them to start chipping in by using it, if they haven’t already dumped.
submitted by /u/tall_chap
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