Stepping into a new realm where music, technology, and Web3 intersect, Warner Music Group and Polygon Labs recently collaborated to establish an exciting music accelerator program. The program primarily targets companies and entrepreneurs exploring this intersection, fostering innovation to redefine the conventionally understood boundaries of these three fields.
At the heart of this initiative lies Warner Music Group’s solid commitment to blockchain-based projects. By partnering with Polygon Labs, the venture endeavour to facilitate decentralized music projects on the Polygon network. Oana Ruxandra, Warner Music’s Chief Digital Officer & EVP, Business Development states their focus lies in helping their artists and songwriters establish and monetize their communities in this evolving era of music production and consumption.
Now, the question arises – who stands to gain from this enterprise? Warner and Polygon have highlighted several directions they intend to take. Notably, they plan to nurture companies striving to transform the decentralized distribution of music, stimulate artist-fan communities, encourage on-chain ticketing solutions, and delve into opportunities involving music-related collectible merchandise. Ideally, these pursuits would be constructed on the Polygon blockchain to optimize the chances of success.
Applying for the program can be done at any time, with the selection process running continuously. Once chosen, these projects can expect financial support from Warner Music and Polygon Labs. Besides funding, the program will provide access to both organizations’ extensive networks for mentorship, strategic advice, marketing and promotion assistance.
Note that applications will need to satisfy certain criteria and undergo review cycles. Projects will need to provide pitch decks, demonstrate evidence of traction, and submit a detailed plan for their proposed use of funds. After receiving funding, the projects will be connected with WMG and Polygon Labs quarterly for progresses, updates, and strategic advice.
Both Warner Music Group and Polygon Labs are known names in the Web3-based music sector. Warner Music Group integrated with OpenSea in October 2022, decentralized intellectual property ownership with the launch of “NFT Label Pass” collection. Additionally, they associated with Splinterlands for play-to-earn games and a music-themed park in The Sandbox Metaverse.
In parallel, Polygon partnered with notable brands like Starbucks, Reddit, and Nike in the past year. It joined with Mastercard to conceptualize NFTs and an educational program for aspirational artists in Web3 music. With this in mind, it is apparent that the shift towards integrating blockchain is a crucial revolution in the music industry but whether it will harmoniously merge with the traditional structures remains a spectacle yet to be seen.
Source: Cryptonews
