Quick take:
- Warner Music Group has teamed up with Polygon Labs to launch a new web3 music accelerator.
- The program will support projects focused on leveraging web3 in the music industry on Polygon Network.
- Targeted areas include fostering artist-fan communities and establishing decentralized music production and distribution systems.
Warner Music Group is ramping up its web3 strategy with a new accelerator program for web3 music. The global music entertainment company has teamed up with Polygon Labs the studio behind the Polygon Protocol to support companies building on the layer 2 ethereum scaling solution.
According to the announcement on Wednesday, the accelerator program is targeting companies and entrepreneurs operating at the intersection of music, technology, and Web3.
Companies and entrepreneurs looking to apply for the program should focus primarily on areas such as fostering artist-fan communities, establishing decentralized music production and distribution systems, innovating ticketing solutions, exploring music-related merchandise and digital/physical collectibles, and integrating music with interactive technology and gaming.
This is not Warner Music’s first foray into web3. The company has been one of the most active mainstream brands looking to leverage web3 technology for the enhancement of fan engagement and brand value.
In January 2022, it partnered with OneOf, an eco-sensitive NFT platform for the music industry, giving a select number of artists an opportunity to create NFTs based on the company’s catalogue of music.
In February last year, WMG also announced a partnership with Splinterlands, an NFT card game, allowing a range of its artists to develop arcade-style blockchain games.
Last September, it also sealed a partnership with NFT marketplace OpenSea, giving a select group of artists dedicated NFT drop pages on the platform.
In December, Warner Music Group announced a partnership with 3D fashion designer DRESSX to enable select WMG artists to launch 3D and AR virtual clothing lines.
More recently, the company launched a new metaverse experience, Rhythm City on Roblox. Rhythm City blends elements of gaming with music to create a 3D experience that allows artists and audiences to define and contextualise their communities.
But even more significant to Wednesday’s announcement was WMG’s partnership with Polygon and LGND.io to launch the LGND Music NFT marketplace, which went live in January 2023.
The web3 music accelerator builds on the foundation laid in the previous collaborations as it looks to foster the global adoption of web3 in the music industry.
Successful applicants to the program will receive funding from both Warner Music Group and Polygon Labs, as well as a range of support services including mentorship and check-ins, to strategic advising, networking and connection creation, and marketing and promotion, among others.
Commenting on the announcement, Oana Ruxandra, Chief Digital Officer and EVP, of Business Development at WMG said: “Through this partnership with Polygon Labs, we look forward to actively supporting the people, protocols, and platforms that are pushing boundaries and helping WMG to reimagine how we use technologies to create, share, and experience music.”
On the other hand, Ryan Wyatt, President of Polygon Labs commented: “By supporting companies and entrepreneurs at the intersection of Web3 and music, we aim to encourage a new era of innovation for the music industry.”
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