Audius announces acquisition of virtual concert platform

Web3 music streaming platform Audius has officially announced the acquisition of virtual concert platform

San Francisco-headquartered Audius, which hit the scene in 2018 and is among backers Katy Perry and The Chainsmokers, has unveiled the SoundStage takeover on social networks this afternoon. Audius bills itself as “a fully decentralized music service”, and Barcelona-based SoundStage, which debuted in 2019, says its digital universe is “the perfect place for artists to host all kinds of virtual events. “, including fan meetings and live performances. .

While specific financials of the transaction have not been publicly disclosed, Audius said it is “always excited to expand the ways artists can engage with their most passionate fans.” In addition, the procuring entity has indicated that it intends to host a “launch party” celebrating the deal (and featuring the producer and DJ Lookas) next Wednesday, October 26.

More than a few concert-focused live-streaming services debuted and/or stepped into the spotlight when in-person concerts were suspended, and amid the continued return of concerts and proper festivals, several of the platforms are stepping up. are sold.

Live Nation around early 2021 took the opportunity to pick up Veeps, for example, before installing live streaming equipment north of 60 of its locations in April of that year. And in keeping with that drive to generate revenue by allowing remote viewers to enjoy traditional music events — SiriusXM plans to air an upcoming Drake performance — Veeps debuted on iOS, Android, and Roku TV earlier in 2022.

Meanwhile, with VNUE buying StageIt in the summer of 2021, live streaming startup Driift bought Dreamstage (also a live streaming platform) last month. Access Industries’ Deezer then pumped $4.5 million into Driift, which the streaming service says will play a key role in its continued revenue growth in years to come.

Despite these and other consolidations in the potentially overcrowded live-streaming space, besides the aforementioned return of in-person shows, a significant number of die-hard fans are still finding time to tune in to some gigs.

According to reports, an impressive 49 million fans watched the live stream of K-pop mainstay BTS’ recent concert in Busan. And Amazon is preparing to capitalize on its Thursday night football broadcast by live broadcasts after the matches have ended. 2 Chainz have been tapped to host the weekly events, with Lil Baby set to perform later this month.

It’s worth recalling in conclusion that reports previously suggested that Netflix was considering adding live content to its platform, possibly including concerts and festivals. Although the film and television giant has yet to confirm or deny the rumor, the expansion does not appear outside the realm of possibility as executives see to improve revenues and profitability.

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