Over the years, recording artists have consistently called out for guidance in navigating the business side of the industry. Despite creating top chart-topping songs, curating millions of streams, and selling out concerts, many find themselves on the outs when it comes to understanding its complexities. This has caused them to lose ownership of their work, go broke, be stuck in 360 deals or not even be able to put out new music.
Thankfully, thanks to Web3, there is a glimpse of hope where experts are taking strides to address this issue through blockchain technology. Their vision is not just limited to providing artists with the knowledge they need to succeed, but also to open up new avenues for income generation beyond traditional norms.
In a collaboration between Polygon, a leading blockchain company, and Warner Music Group, they’re looking to be those pioneers via a new music accelerator program. This initiative seeks to revolutionize the way artists engage with the music business. Through the program, they will receive valuable mentorship and resources that demystify the labyrinthine aspects of the industry.
This accelerator represents the merge of music and cutting-edge blockchain technology, and creates an opportunity for individuals and companies alike to utilize the power of decentralized applications (dApps). By bridging the gap between creativity and capital, this initiative aims to provide the necessary resources to flourish. All projects will be developed exclusively on the Polygon network.
At its core, this transformative initiative seeks to enable creatives to not only build transformative projects within blockchain technology, but it’s also “focused on enabling its artists and songwriters to build, activate, engage, and monetize their communities in this next era of music creation and consumption,” said Oana Ruxandra, chief digital officer and EVP of business development at WMG.
Looking to apply to this program? Well, they are on the hunt for the next forward-thinkers. With a mission to revolutionize the industry, the program sets its sights on “companies and entrepreneurs operating at the intersection of music, technology, and Web3.” Some of the criteria that they were looking for when accepting applicants included companies that “Should focus on various areas such as fostering artist-fan communities, establishing decentralized music production and distribution systems, innovating ticketing solutions, exploring music-related merchandise and digital/physical collectibles and integrating music with interactive technology and gaming.”
Individuals and companies can easily apply for the program by clicking on the dedicated application link located on the Warner Music Group website. The application process operates on a rolling basis, so you still have time to shoot your business shot.
Keep in mind that you will need a pitch deck that communicates your ideas to the board along with tangible evidence of business traction, and explain in-depth the potential impact of their music-centric endeavors. This includes a comprehensive breakdown of funds, and outlining how the financial support will support their vision. For those who get accepted into the program, you will be rewarded with tons of perks. Participants will receive financial backing from both Warner Music Group and Polygon Labs, and get endorsed by these brands.
But, that’s not all. You will also be paired with the top executives in music and technology to guide you while building your project. Plus, you will get quarterly check-ins and personalized assistance in navigating their projects along with having access to marketing and promotional resources to increase awareness around your work.
Warner Music Group’s partnership with Polygon showcases a commitment to embracing cutting-edge technology to reshape music. Over the past year, the company has curated strategic partnerships with several Web3 companies. Among those collaborations include prominent Web3 companies such as OpenSea, LGND Music, and Sandbox. By forming these partnerships, Warner Music Group aims to develop avenues of fan engagement, empower artists with innovative tools, and revamp the industry’s ecosystem.
At the core of this tech revolution is Robert Kyncl, the new CEO of Warner Music Group, whose vision is to bring the company into new tech frontiers. Under his guidance, the organization has made its focus embracing blockchain technology. This has positioned the company to be a top trailblazer at the intersection of music and technology.
Warner Music Group and Polygon are providing the foundation for the next generation of creatives to not only create, but have control of what they are contributing to the culture. This type of guidance and capital can be the small piece that redefines what it means to be an artist in 2023 and beyond. This could truly be the tipping point that converts artists from just talent to the boss and key holders.
The impact of this program will extend far beyond the capital and resources it will provide for its participants. It will serve as an inspiration for the entire music industry to adopt Web3 practices. By showcasing the advancements made possible through this initiative, traditional players in music will have to reevaluate their strategies and embrace the adoption of blockchain technology. This could truly mark a turning point and bring about a new era of innovation and creativity.
Another positive outcome of this will be the introduction of Web3 to a wider audience. By providing an entry point for creatives into the world of blockchain technology, the program paves the way for a more diverse music ecosystem, where the intersection of tech and music can flourish to their fullest potentials.