• Warner Music Group’s Chief Digital Officer Oana Ruxandra believes that digital collectibles are key for the success of artists in the music industry.
• She spoke about this at CoinDesk’s Consensus 2023 event and shared how WMG invested in gaming platform Roblox and hosted a virtual Super Bowl experience in Roblox featuring American rapper Saweetie.
• Ruxandra recommended that creators communicate with their audience where they are, understand what they’re looking for, and come up with fresh ideas to succeed in Web3 music.
Warner Music Group’s Plans
Warner Music Group (WMG) is investing in the digitally augmented space as part of its future plans, according to Chief Digital Officer Oana Ruxandra. This was announced at Consensus 2023, a CoinDesk event held in Austin, Texas. WMG has major partnerships with metaverse platform The Sandbox and blockchain gaming platform Splinterlands. It also invested in Roblox last year and hosted a virtual Super Bowl experience featuring American rapper Saweetie earlier this year.
Fresh Ideas Needed
Ruxandra stressed the importance of creating fresh ideas for the success of Web3 music. She advised artists to go where their audience is, understand what they’re looking for, and start communicating with them generally to make sure their activations are relevant and future-proof. NFTs may not always be necessary to succeed but being creative can still take artists far ahead.
Successful Virtual Super Bowl Experience
The virtual Super Bowl experience was reported to have garnered 7.5 million views with a 91% “like” ratio. It also sold digital merchandise related to the event which showed how much potential Web3 music holds if implemented properly by brands or creators alike.
Advantages of NFTs
NFTs provide advantages such as ownership rights, portability and tradability of digital assets which makes it valuable for both fans as well as owners alike who can benefit from monetization opportunities such as reselling artwork or tokens on specialized marketplaces like OpenSea or Bondly Marketplace among others. Thus one could say that NFTs have opened up new avenues for content creators & collectors alike who can now invest into unique digital art pieces backed by blockchain technology
Web3 music has massive potential if done right by understanding audiences’ needs & creating individualistic ideas & strategies tailored for them specifically which tap into the advantages provided by digital technologies like blockchain & NFTs while still giving out something fresh & exciting that would keep people engaged over time!