SoundCloud acquires decentralized music platform Nina Protocol after shutdown
▼ Summary
– SoundCloud acquired Nina Protocol, a decentralized music platform that let independent artists keep 100% of their revenue; financial terms were not disclosed.
– This is SoundCloud’s first acquisition since 2022’s purchase of AI company Musiio, signaling expansion beyond music hosting for independent artists.
– SoundCloud will own Nina’s editorial archive and “genre map,” aiming to preserve music journalism and help surface emerging artists.
– Nina Protocol was shutting down in May 2024 due to an unsustainable business model; it was founded in 2021 and built on Solana blockchain and Arweave storage.
– SoundCloud offers Nina artists a migration tool and a complimentary Artist subscription through the end of the year, including monetization and growth tools.
SoundCloud has announced the acquisition of Nina Protocol, a decentralized music platform that gave independent artists the ability to sell directly to fans while retaining 100% of their revenue. The deal marks SoundCloud’s first purchase since it acquired AI music company Musiio in 2022, signaling a continued push to evolve from a simple music host into a more comprehensive ecosystem for independent creators.
Financial details of the transaction were not disclosed, and it remains unclear if any of Nina’s team will join SoundCloud. The company has yet to respond to requests for comment.
As part of the acquisition, SoundCloud will take over Nina’s editorial archive and genre map. In a blog post, the company emphasized that this move allows it to preserve Nina’s “rich collection of music journalism, artist features, and cultural commentary,” and to “help surface emerging artists, scenes, and music to even more listeners.”
“Nina built an incredible platform by putting independent artists, scenes, and communities first, and our priority is to honor what they’ve created, while carrying that mission forward,” SoundCloud CEO Eliah Seton said in a statement. “Together, we’ll help more independent artists build deeper relationships with fans, unlock new ways to earn, and access the tools they need to grow sustainable careers on their own terms.”
The acquisition arrives just months after Nina announced it would shut down its platform on May 28, citing an inability to build a sustainable business model. Founded in 2021 by independent musicians Jack Callahan, Mike Pollard, and Eric Farber, Nina Protocol allowed artists to run their own digital storefronts without relying on traditional streaming services. The platform ran on the Solana blockchain for fast, low-cost transactions and used Arweave for permanent decentralized storage of music files and metadata.
For artists who previously used Nina Protocol, SoundCloud is providing a migration tool to transfer their work to its platform. Those artists will also receive a complimentary SoundCloud Artist subscription through the end of the year, which includes monetization features and audience growth tools.
(Source: TechCrunch)
