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A recent Goldman Sachs report estimates that the global music industry could be worth $131 billion by 2030.
Warner Music Group (WMG) is collaborating with e-commerce platform builder LGND.io to create the first web 3.0 music platform LGND Music. The multi-year deal will see the trio combine their expertise to create a new user experience.
Chief Digital Officer at WMG, Oana Ruxandra, also expressed similar sentiments. She said that “WMG’s partnership with LGND and Polygon will help our artists to experiment with and build across web3 technologies.” Ruxandra believes this can help grow communities and drive user engagement.
About the Web 3.0 Music Platform
According to the announcement, the platform will launch in 2023 as a music and collectibles platform. LGND music will support digital collectibles from ‘any blockchain in a proprietary player’.
Additionally, specific WMG artists will be allowed to create digital collectibles on the app and desktop platforms. Users will be able to collect music from their favorite artists and play them on the go.
To ensure a smooth user experience, the LGND web3 music platform will be built on Polygon, thus allowing faster and cheaper transactions. The platform will collaborate with a dance record label, Spinnin’ Records which has also been making routes into the Web3 space.
Can Web 3.0 Revolutionalize the Music Industry?
A recent Goldman Sachs report estimates that the global music industry could be worth $131 billion by 2030. The rise of a web 3.0 music platform is likely to disrupt the entire industry by introducing new ways to release music. Also, it could create new opportunities for artists and creators to connect with their fans and make more money while at it.
CEO of Polygon Studios, Ryan Wyatt, has noted that web3 has inherent power to transform the music industry. Wyatt believes the concept of music ownership is evolving as it embraces decentralization and the use of collectibles. “Polygon is proud to be powering this innovative initiative that will elevate music ownership and bring more music lovers and artists to web3,” Wyatt concluded.
Similarly, the CEO of LGND Music, Michael Rockwell, believes Polygon will be pivotal in helping the entire music industry evolve. Rockwell expressed his delight at the partnership and its possibilities. He said:
“We’ve been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers all over the world.”
Whether or not web 3.0 music will revolutionalize the music industry, the collaboration between WMG, Polygon, and LNGD.io will set the foundation for much more.