In recent months, Universal Music Group (UMG) has been catching up with new Web3 trends taking the entertainment world by storm. The company announced a partnership with avatar company Genies in December to create metaverse-friendly avatars for its artists, and has now partnered with NFT platform Curio to take its Web3 expansion to the next level, following a similar partnership between Warner Music Group and Blockparty last month.
Through this new partnership, Curio, which launched in 2020 and works mainly with artists and entertainment brands, will be the place to go for future official NFT collections from UMG labels and artists. Curio powers NFT creation, minting, sale, and resale, and will enable UMG to license artwork, audio recordings, and audio-visual content for its NFT projects.
More and more artists have been exploring digital collectibles and NFTs as a way to connect with their fans and take more control over their revenue streams, and it will be interesting to see how these initiatives by major labels will play out, how pay structures will evolve, etc. as they embrace these new technologies.
“UMG and our labels are focused on developing NFT projects that authentically engage and speak to our artists’ fanbases and new audiences,” said UMG Executive Vice President of Digital Strategy Michael Nash in a statement. “With Curio, our labels will have a secure and dedicated platform to host these premium projects and provide new opportunities for collectors and fans from around the world to acquire unique pieces, inspired by their favorite artists and labels.
“UMG is focused on developing new opportunities in this space that place our artists and labels at the forefront, working to ensure that the evolution of Web3 provides exciting new avenues for their creativity.”
The first project to be released as part of this new partnership is coming in March from Capitol Music Group artist Calum Scott.