Warner is partnering with e-commerce platform LGND.io and blockchain firm Polygon on a new aggregator platform
Warner Music Group (WMG) expands 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 statement Tuesday (Dec. 6).
LGND Music will allow consumers to purchase and own music tokens and build a digital collection of or “Virtual Vinyls” on the app or desktop platforms.
It will support digital collectibles from any blockchain in a proprietary player. Secured by blockchain technology, the platform will allow the community to own rare exclusives and enjoy experiences with artists.
Selected 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 a user-friendly ramp for fans unfamiliar with cryptocurrencies or digital collectibles.
“We are incredibly excited to finally announce this monumental and groundbreaking partnership with Warner Music Group and Polygon,” said 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 around 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 develop the entire music industry.”
LGND Music will also partner with WMG’s dance label, Spinnin’ Records, to offer a range of activities on the Web3 site.
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 experiment with and build across Web3 technologies to grow and engage their communities.”
Oana Ruxandra, Warner Music Group
“There is a huge untapped potential for artists to interact with their fans and monetize that fandom. And as we continue to lean in and drive forward, WMG’s partnership with LGND and Polygon will help our artists experiment with and build across Web3 technologies to grow and engage their communities.”
The announcement came just days after WMG’s publishing arm Warner Chappell Music partnered 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 artists and fans alike. The way we own and experience music is evolving, by fully embracing decentralized technologies and collectibles, this exclusive partnership between Polygon , LGND and WMG an exciting milestone for the music industry.”
“Polygon is proud to drive this innovative initiative that will elevate music ownership and bring more music lovers and artists to Web3,” adds Wyatt.
The latest alliance underscores WMG’s efforts to jump into the Web3 space to tap into multiple revenue streams 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 grow their fan communities in Web3.
It follows WMG’s investment in San Francisco-based Authentic Artists, a music platform supporting 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”.
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