Warner Music Group (WMG) is expanding its presence in the Web3 space through a new collaboration with e-commerce and interactive platform builder LGND.io and Polygon Companies, a blockchain network developer.
The partnership will see the launch of a music and collectibles platform called LGND Music in January 2023, according to a joint release on Tuesday (December 6).
LGND Music will allow consumers to buy and own music tokens and build a digital collection of or ‘Virtual Vinyls’ on its app or desktop platforms.
It will support digital collectibles from any blockchain in a proprietary player. Secured by blockchain technology, the platform will let the community own rare exclusives and enjoy experiences with artists.
Select WMG artists will launch their digital collectibles on LGND Music, powered by Polygon, to give fans the opportunity to enjoy special content and experiences. The companies said LGND Music is an easy-to-use on-ramp for fans who are not familiar with cryptocurrencies or digital collectibles.
“We are beyond thrilled to finally announce this monumental and ground-breaking partnership with Warner Music Group and Polygon,” says Michael Rockwell, CEO of LGND Music.
“We’ve been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers all over the world, and look forward to innovative and unique content from all types of WMG artists. With the strong support of the Polygon ecosystem, LGND Music is poised to help evolve the entire music industry.”
LGND Music will also collaborate with WMG’s dance record label, Spinnin’ Records to offer a number of activities in the Web3 space.
Commenting on the alliance, Oana Ruxandra, Chief Digital Officer & EVP, Business Development, at WMG, said: “We are incredibly excited about the ways in which evolving technologies are changing and challenging the music industry.”
“WMG’s partnership with LGND and Polygon will help our artists to experiment with and build across Web3 technologies in order to grow and engage their communities.”
Oana Ruxandra, Warner Music Group
“There is tremendous untapped potential for artists to interact with their fans and to monetize that fandom. And, as we continue to lean in and drive forward, WMG’s partnership with LGND and Polygon will help our artists to experiment with and build across Web3 technologies in order to grow and engage their communities.”
The announcement came just days after WMG’s publishing arm Warner Chappell Music formed a partnership with Web3 entertainment company, Defient, to launch ‘Archives,’ a multi-dimensional digital museum powered by blockchain.
Ryan Wyatt, CEO of Polygon Studios, says “Web3 has the power to transform the music industry for both artists and fans. The way that we own and experience music is evolving, by fully embracing decentralized technologies and collectibles, this exclusive partnership between Polygon, LGND, and WMG represents an exciting milestone for the music industry.”
“Polygon is proud to be powering this innovative initiative that will elevate music ownership and bring more music lovers and artists to Web3,” Wyatt adds.
The latest alliance underscores WMG’s efforts in jumping into the Web3 space to tap into more revenue sources and adapt to new trends in the music industry.
In late September, WMG partnered with NFT marketplace OpenSea to allow WMG artists to build and extend their fan communities in Web3.
It follows WMG’s investment in San Francisco-based Authentic Artists, a music platform that supports metaverse-native virtual artists, in June; and WMG’s strategic partnership with virtual gaming world The Sandbox in January, marking what WMG said was its “first entry into the NFT metaverse realm”.
Music Business Worldwide