LimeWire strikes deal with Universal Music Group for music NFT licensing
We’re proud to announce that we have inked a deal with Universal Music Group for content licensing on a global scale, opening up the LimeWire collectibles marketplace to all artists under the Universal Music Group umbrella.
We’re proud to announce that we have inked a deal with Universal Music Group for content licensing on a global scale, opening up the LimeWire collectibles marketplace to all artists under the Universal Music Group umbrella.
After we recently closed our private token sale of $10.4 million we can now share another milestone: Our partnership with Universal Music Group (UMG), the world leader in music-based entertainment, is key in our mission to bring digital collectibles to everyone.
World-renowned UMG artists, as well as many of its iconic record labels, including Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music, and more, will be able to leverage the LimeWire marketplace as an additional platform to explore unique ways of engaging with fans through digital music collectibles and Web3, as well as generate new sources of income for artists in the post-pandemic world.
As part of this first partnership with a major record label, Universal Music Group will provide licenses that will allow us to partner with UMG artists in order to launch innovative music-based NFT projects on the LimeWire marketplace.
Together, we will focus on quality content, utility, and accessibility for the mainstream by offering unique NFT projects for artists and fans in a trusted environment.
“We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3," said Paul and Julian Zehetmayr, LimeWire Co-CEOs. "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.”
Using LimeWire, artists signed to UMG can offer audio recordings, audiovisual content, backstage footage as well as other artworks as NFTs on the LimeWire marketplace and sell them directly to fans and collectors. Musicians can release bonus tracks and exclusive material, sell uncut demos, and much more. There is no shortage of opportunities in the NFT space, and fans of various music genres are waiting for their favorite artists to start releasing special content.
“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, EVP, Digital Business Development & Strategy at Universal Music Group.
“UMG 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 which are focusing on real utility and creating cool experiences for fans while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers.”, said Holger Christoph, Universal Music Group Senior Vice President of Digital Business, Central Europe.
This partnership between Universal Music Group and LimeWire lends further credence to NFTs and Web3 being considered the way forward for mainstream companies to pivot into in order to extend their reach and complement their business models.
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