Tiktok Partners With Audius Despite Its Ongoing Crypto Ban
Social media and video sharing platform, TikTok, has in a shocking move recently gone into a partnership with audio company, Audius. This comes as a surprise to many as Audius is a music company that works very strongly with blockchain technology. Due to this, it seems out of character for the Chinese owned TikTok to go into partnership with them especially considering TikTok’s current ban on cryptocurrency advertising on the platform.
The ban was announced in July on the platform in its updated policy under “Globally Prohibited Industries”. The policy which previously included alcohol, weapons and gambling was expanded to also include financial services including but not limited to cryptocurrency, trading platforms, investment services and forex. This ban effectively banned all users including influencers who usually make money from advertising for companies, from displaying or advertising any of the prohibited items on the platform. While this might seem like a needlessly negative stance, it is understandable as many people do use social media apps like TikTok to promote scams that defraud people of hard-earned money.
Audius Expresses Excitement Over New Partnership
The music streaming platform Audius has in a recent statement expressed excitement over its new partnership with the popular platform. Chief Product Officer and co-founder Forrest Browning, stated in an interview with popular magazine Rolling Stones that most of the users of Audius are not aware that they use blockchain technology because the platform also acts as a music platform. CEO Roneil Rumburg was enthused about the partnership calling it a “necessity” due to the amount of exposure it would provide for the artistes registered on Audius.
Audius, which currently serves over 5 million users, acts as a way for artistes who might be otherwise unable to gain recognition, to get their music heard by the masses. This new partnership further serves to push that music forward to the public by bringing it to the attention of TikTok users. TikTok is one of the world’s leading social platforms with a whopping 1 billion users and many users have stated that they search for new music on the platform’s service TikTok Sounds. It has in recent times served to catapult many upcoming artistes into the spotlight with songs gaining popularity when used as background music for videos involving trending dances, lip-synching, skits, challenges and other activities.
Many social media platforms have become Ground Zero for advertising agencies hoping to have their product involved in the latest trend. Many analysts point to social media being one of the primary sources of advertising with the potential to provide the equivalent of millions of dollars in advertising. This all factors into Audius new partnership with TikTok as this now exposes its registered artistes to a volume of people almost unmatched by any other platform.
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