Warner Music Group Partners with Polygon Labs to Debut Blockchain Music Accelerator Program
The third-largest global music company Warner Music Group (WMG) partnered with the Polygon labs to leverage blockchain technology in creating an exclusive music accelerator program. An advance report by the WMG dated June 28 revealed that the new music accelerator initiative would support music applications on the decentralized platforms and other projects centered on the Polygon network.
Additionally, the music accelerator program aims at onboarding artists in the blockchain music sector and creators of decentralized applications (dApps) in the Polygon Network.
Warner Music Group Partners with Polygon Labs
According to the Warner report, the application for the project will be on a rolling basis, and all eligible individuals are encouraged to apply. In a press release, the Warner group highlighted that individuals seeking to create an intersection between music and emerging technologies would be considered ideal candidates for the music accelerator program.
The report explained that the music accelerator program would support music projects on the blockchain network. The partners mentioned that startups seeking to create a new approach for sharing music on decentralized platforms would be given priority. Also, Polygon and Warner will prioritize supporting firms providing on-chain ticketing services and creators of digital music collectible products.
On the priority list, the partners will consider supporting ventures to enhance the artist and fan community interaction. After the application process, Warner and Polygon will select the best project to receive funding from partners.
The chosen firms and individuals will receive mentorship programs and professional consultation services. The partners plan to support the selected participants in promoting and marketing their projects. The press release elaborated that the music accelerator program will provide artists with a platform to build their social network with experts from the music and blockchain sectors.
Oana Ruxandra, the chief digital officer at Warner, mentioned that the entertainment company would leverage its market position to support artists and songwriters to create their projects. Beyond this, Ruxandra affirmed that the WMG team would support the artist to monetize their projects and community in the growing music industry.
Warner Music Group Expands to Blockchain and Web3 Technologies
Responding to Ruxandra, the president of Polygon Labs, Ryan Wyatt, argued that by offering support to key players in the interception of music into Web3, the blockchain firm aims at improving innovation in the music sector.
Since 2021 Warner Music Group has been seeking strategic partners with blockchain firms such as OpenSea, LGND Music, and The Sandbox, among others firms. The WMG has excelled in conducting pilot tests with high-profile crypto and blockchain companies to accelerate growth in the music industry.
Following the appointment of former YouTube chief business officer Robert Kyncl as the new WMG chief executive, the Warner Music Group has successfully implemented decentralization, crypto, and blockchain technologies. Notably after ascending to the CEO role, Kyncl has been pushing for creating “new tech projects,” which will position the Warner Music Group at a pivot point to blossom.
Even though the music company downsized in March, the Warner Music team has continued to pursue Web3 and artificial intelligence projects.
Benefits of Music Accelerator Program
A few months ago, the WMG team revealed plans to expand its blockchain technology to meet the artist’s needs. Afterward, the Warner Music team partnered with Splinterland to create a play-to-earn (P2E) game.
Besides investing in integrating emerging technologies on the Warner Music platform, the WMG team has been seeking to hire new talents in the metaverse and blockchain sector. In a LinkedIn post, the WMG announced an open position last October for a senior director for the metaverse unit.
Subsequently, the Polygon Labs team has lately struck deals with multiple high-profile firms seeking to integrate the Web3 project into their core business. Last year it was reported that the Polygon Labs team entered into partnership agreements with Starbucks, Nike, and Reddit.
Interestingly, the Warner and Polygon music accelerators program mirrors a strategic move taken by Mastercard in April to launch free nonfungible tokens (NFTs). Also, the payment company launched a Mastercard Web3 music accelerator program that aimed at providing artists with education materials and mentorship programs.
Editorial credit: T. Schneider / Shutterstock.com
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