Bank of America believes its streaming platform Audius is changing the balance of power.
According to Bank of America’s report, Audius moves power, profit and control from centralized companies directly to artists and fans.
Bank of America said that Audius gives artists more profit and control than decentralized platforms.
Audius was launched in October 2020 to shift the balance of power from record labels and digital service providers to artists and users.
By eliminating middlemen, the platform plans to distribute 90% of revenues to artists and 10% to node operators. The result is a decentralized digital service.
The streaming service announced a new feature last week that allows creators and listeners to tip artists with AUDIO.
Bank of America emphasized that the music industry is ready to change in the light of all these developments.
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