TikTok could make Audius (AUDIO) into one of the hottest cryptocurrencies around.
Audius users can now upload content onto TikTok as “TikTok Sounds,” Rolling Stone claims. “Any artist can take a song they already have on Audius and just export it over to TikTok in one click,” Forrest Browning tells Rolling Stone.
Browning claims Audius makes it easier and faster to put audio onto TikTok. He describes other processes for putting audio on TikTok as clunky. Browning is Audius’s cofounder and chief product officer.
Audius’s Value could explode
If Browning and Rolling Stone’s claims are true, Audius’s value and usage could explode. Explosive growth at Audible is possible because TikTok is exploding.
For example, the number of TikTok users in the USA grew from 35.6 million in 2020 to 65.9 million in 2020, Statista estimates. Furthermore, Statista forecasts TikTok’s US user base could grow to 73.7 million in 2021, 79.6 million in 2022, 84.4 million in 2023 and 88.7 million in 2024.
The TikTok app had 689 million users outside China in January 2021, Oberlo estimates. Another app owned by ByteDance Douyin; a Chinese version of TikTok, had 600 million users in January 2021. Overall, TikTok and Douyin had 1.29 billion users worldwide in January 2021.
Moreover, Sensor Tower estimates users downloaded the TikTok app two billion times from Google Play and the Apple App Store as of April 2020.
Unfortunately, Rolling Stone and the Audius website do not say if Audius users can load content onto Douyin. I suspect they cannot because you could need permission from the Chinese government for such content.
Note: Audius’s deal could be with ByteDance’s American subsidiary TikTok Global, not ByteDance. They organized TikTok Global to avoid US government regulation.
What is Audius Anyway?
Audius is an Ethereum blockchain platform that connects music players and social media with creators.
Audius claims its platform is a streaming service similar to Spotify (SPOT). The difference is that they built Audius in the blockchain and that Audius allows musicians to collect payments directly from fans in AUDIO.
The Audius website claims creators can generate immutable and timestamped records for their works. Hence, creators can track the play of their audio and charge money for the play.
Audius (AUDIO) is the Ethereum (ETH) token for the Audius Platform. In addition, there is a platform Token they call $AUDIO. Listeners will pay audio creators with Audius (AUDIO) or $AUDIO.
The Audius platform scales by interfacing with the Solana (SOL) blockchain. Solana claims its blockchain can process 50,000 transactions per second. Hence, Audible could process hundreds of thousands of purchases of a best-selling song without crashing.
The listeners will be part of a decentralized community of artists, API, and fans. Currently, Audius claims its token is for music, but I imagine they could use it for podcasts too.
The Audius API
They hope Audius will connect a wide variety of apps with a free Application Programming Interface (API). An API is a piece of software that lets two apps talk to each other.
For example, Audius’s API lets TikTok connect to the Audius blockchain. In addition, the API lets Audius operate on TikTok’s platform.
Other Apps the Audius API can interface with include YouTube and WordPress. Alphabet’s YouTube is the world’s most popular video app with 2.1 billion users in 2020, Statista estimates.
Moreover they built an estimated 64 million websites with WordPress, CreativeMinds estimates. Plus Hosting Tribunal estimates over 400 million people visit WordPress websites each month. Plus Hosting Tribunal estimates 661 new WordPress websites go live each day.
The Audius Platform and Interface
Hence, Audius can interface with two of the world’s most popular web tools.
Moreover, you can build apps with the Audius API. Audius claims they built the Music Racer, Stereoload, Songlink/Odesli, Music Killer, Songwhip, Bass Volume EQ, Audis, YouTube to Audius Importer, and Audius WordPress Plugin with Audius.
Other uses for Audius include providing music for games, apps, and websites . Audius claims its API can play over 450,000 tracks in 220 kpbs High Quality Audio.
Yahoo!Finance claims Audius had five million active users in August 2021. Yahoo!Finance claims some musicians including Skrillex, deadmau5, and Weezer use Audius. Other Audius musicians include Rezz, 3LAU, and the Stafford Brothers.
What Value Does Audius Have?
Audius (AUDIO) is attracting attention. CoinMarketCap estimates Audius was the 80th most trending cryptocurrency on 19 August 2021.
Mr. Market thinks Audius has some value. CoinMarketCap gave AUDIO a $3.22 Coin Price, a $1.288 billion Market Capitalization, a $3.382 billion Fully Diluted Market Cap, and a 24-Hour Market Value of $280.503 million on 19 August 2021. They base those numbers on a Circulating Supply of 400.244 million AUDIO and a Total Supply of 1.044 billion AUDIO.
I think AUDIO could become a valuable cryptocurrency because people can use it to buy one of the world’s most popular products music. There is an enormous market for music and the streaming market for music is growing.
International Federation of the Phonographic Industry (IFPI) estimates 2020 global music revenues at $21.5 billion. The IFPI estimates those revenues grew by 7.4% in 2020.
In contrast, global music streaming revenues grew by 18.5% in 2020, the IFPI estimates. Hence, Audius is targeting a global market. The IFPI estimates there were 443 million paid music subscribers.
In addition, advertising supported music streaming grew by 19.9% to $13.4 billion in 2020, the IFPI estimates. The IFPI calculates that advertising supported streaming comprised 62.1% of global recorded music revenues.
I think Audius (AUDIO) is a good cryptocurrency because it tries to make money from a product for which there is an enormous market. Namely music. Moreover, Audius works with a product that tens of millions of people consume digitally, audio.
If you seeking a cryptocurrency and a blockchain with true growth potential. Audius is worth a look. I think this cryptocurrency could growth with TikTok.
Originally published at https://marketmadhouse.com on August 19, 2021.