Warner Music and Polygon Labs Unleash the Power of Blockchain for Music Innovation
Warner Music Group and Polygon Labs have joined forces to launch a game-changing music accelerator program. This program aims to fuel innovation at the intersection of Web3 and music by supporting developers and dApps on the Polygon network.
According to the press release published on their website on June 28, the ideal applicants for the program are "companies and entrepreneurs operating at the intersection of music, technology, and Web3."
Warner Music Group demonstrates its dedication to blockchain initiatives by partnering with Polygon Labs to empower decentralized music projects on the Polygon network.
"WMG is focused on enabling its artists and songwriters to build, activate, engage and monetize their communities in this next era of music creation and consumption," Oana Ruxandra, Warner Music's Chief Digital Officer and EVP, Business Development, said in a statement.
Who will Benefit from the Warner Music and Polygon Lab Music Accelerator Program?
Warner and Polygon have identified several key priorities, which reportedly include supporting companies that aim to revolutionize the decentralized distribution of music. They are also interested in fostering artist-fan communities, promoting on-chain ticketing solutions, and exploring opportunities in music-related collectible merchandise. Ideally, these endeavors would be built upon the Polygon blockchain to maximize their chances of success.
The application process for the program will be ongoing, allowing submissions at any time. Once selected, projects in the program will receive financial support from both Warner Music and Polygon Labs.
Additionally, they will gain access to the extensive networks of both organizations, which will provide mentorship, strategic guidance, and assistance in marketing and promotion.
"Applications will be reviewed on a rolling basis and require projects to submit pitch decks, demonstrate proof of traction, and detail their proposed use of funds. Projects receiving funding will meet with WMG & Polygon Labs quarterly to provide updates, review progress, and receive strategic advice."
The chosen projects will benefit from funding provided by both WMG and Polygon Labs, along with the opportunity to receive guidance and establish connections with experts from the music and blockchain sectors.
Warner Music Group and Polygon are significant players in the Web3-based music sector
Warner Music Group partnered with OpenSea in October 2022 to enter the Web3 space. They collaborated with Probably Nothing to launch the "NFT Label Pass" collection, decentralizing intellectual property ownership and engaging fans. Artists like Ed Sheeran and Madonna are part of this exploration.
WMG expanded into blockchain by partnering with Splinterlands for play-to-earn games and creating a music-themed park in The Sandbox Metaverse.
Polygon partnered with Starbucks, Reddit, and Nike in the past year. It also joined forces with Mastercard to introduce NFTs and an educational program for aspiring artists in Web3 music.