The world’s largest music label, Universal Music Group (UMG), has partnered with LimeWire, formerly a peer-to-peer file-sharing software relaunching as a digital collectibles marketplace for art and entertainment. Through this collaboration, artists under UMG will gain access to the LimeWire marketplace.
Universal Music Group is leveraging LimeWire’s soon-to-launch collectibles marketplace and NFT licensing platform to promote its artists’ music using NFTs. The label giant has over a hundred well-known musicians, music labels, and brands under its wings with the excitement of music artists in the space.
Scope of Collaboration
As mentioned previously, UMG has a plethora of imprint labels under its umbrella, including Virgin Music, EMI, Republic Records, Geffen, Motown Records, Def Jam Records, Interscope Records, and others. On the other hand, its massive lineup of artists includes Taylor Swift, BTS, The Rolling Stones, Elton John, The Weeknd, Abba, U2, Kendrick Lamar, and Chris Stapleton.
The deal will allow music labels and artists signed to UMG to launch tokenized virtual collectibles through LimeWire. And while it doesn’t necessarily mean that all of UMG’s artists will launch NFTs, LimeWire will serve as a window for such should the need arise.
Through LimeWire, these artists signed to UMG would be able to offer audio recordings, backstage footage, audiovisual content, and any artwork and images as NFTs and sell them to fans and collectors directly. On the other hand, musicians would be able to release bonus tracks and exclusive material, sell uncut or backstage content, and more.
LimeWire and UMG’s collaboration will focus on quality content, utility, and accessibility for the mainstream. They will try to achieve these by offering unique NFT projects for both fans and artists in a trusted environment.
High Hopes for the Collaboration
Universal Music Group’s Senior Vice President of Digital Business, Central Europe, Holger Christoph, said regarding this collaboration, “Universal Music Group and our labels are fully embracing the exciting Web3 space and will work with our new partner LimeWire, our artists, and their communities on engaging NFT projects with real utility and creating cool experiences for fans while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers.”
According to LimeWire CEOs Paul and Julian Zehetmayr, the partnership is proof that the music industry is rapidly adopting Web3 technology. Moreover, the pair said LimeWire would provide technology and marketplace integration and handle credit card payments, gas fees, and even technical issues related to the customers’ use of NFTs.
“We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3,” the brothers said. “We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace.”
“Universal Music Group has always prioritized its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena in this new era of Web3 engagement and music appreciation,” said Jonathan Dworkin, Executive Vice President of Digital Business Development and Strategy at UMG.
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