ACQ2 by Acquired Audius (with CEO Roneil Rumberg)
Oct 11, 2021
Roneil Rumberg, co-founder and CEO of Audius, dives into the revolutionary world of decentralized music streaming. He shares the inspiring journey of Audius from its 2018 inception, discussing the transformative power of blockchain technology in the music industry. The conversation touches on the tug-of-war between traditional labels and artist independence, while highlighting the platform's growth through integrations like TikTok. Rumberg also reveals the intricate balance between centralization and decentralization that Audius navigates to empower artists and enhance user experience.
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Music Industry Economics
- Only 12% of music revenue goes to artists; the rest goes to distributors, platforms, and middlemen.
- The music industry's economics haven't changed in decades, despite digital advancements.
Limited Disruption in Streaming
- Streaming services haven't fully disrupted the music industry due to its existing power structures.
- Established labels and distributors maintain their positions through legislation and pre-existing deals.
Record Label Pitch
- Record labels pitch themselves to artists as effective marketing and brand-building machines.
- They present a venture-like bet, akin to a startup seeking funding, with potential for superstardom.