The newly announced partnership between Polygon Labs and Warner Music opens up a number of opportunities for projects related to both music and blockchain technology. It’s an opportunity for financial support, marketing and other valuable resources.
Polygon is reaching ever wider
Going deeper into the field of blockchain-based technologies, Warner Music Group has announced a great initiative – a music gas pedal program, created in partnership with Polygon Labs. The goal of this venture is to strengthen decentralized applications and projects linking music and the Polygon network.
The program will focus primarily on finding innovative projects that harmoniously combine music and blockchain. Representatives from Warner Music and Polygon have reached a joint conclusion that the key priorities of the partnership will include the creation of innovative solutions for decentralized music distribution, support for artists and their communities, the development of blockchain-based solutions for ticketing, and the exploration of music-related collectibles. Projects completed in these areas align perfectly with Polygon’s blockchain technology.
The program will continuously accept applications. Selected projects will receive funding from both Warner Music and Polygon Labs. In addition, they will have access to a wide network of both organizations, which will provide mentoring, strategic guidance, marketing and promotional support.
“WMG is focused on enabling artists and songwriters to create, engage and monetize their communities in a new era of music creation and consumption,” – Oana Ruxandra, chief digital officer and vice president of business development at Warner Music, said.
Warner Music is betting on blockchain
Over the past two years, Warner Music has been taking aggressive steps to establish partnerships and launch pilot programs with companies based on blockchain technology. These partnerships include entities such as NFT marketplace OpenSea, Polygon-based music platform LGND Music and metaverse platform The Sandbox.
Interest in decentralization and other cutting-edge technologies increased significantly when Robert Kyncl, former YouTube business director, joined Warner Music as its new CEO in January this year. Kyncl, a well-known technology advocate, stressed that new technology initiatives will be crucial to Warner Music’s future. The result was that in March, during a wave of employee layoffs, all positions related to Web3 and AI initiatives remained intact. This is a clear sign that the company is betting on growth, which will particularly resonate in the cryptocurrency market.