Warner Music, one of the biggest music brands, is among those leading the charge in embracing the Web3 revolution. At the recent Consensus 2023 by Coindesk, Oana Ruxandra, the Chief Digital Officer, shared valuable insights on how creators can leverage Web3 to their advantage.
Beginning her remarks, she observed that although the Web3 music realm requires innovative concepts for further development, brands must avoid being swept up in the hype of launching a Web3 project and concentrate on genuine value instead. The CDO emphasized that, for artists in the music industry, employing digital collectibles plays a significant role in their progress.
Create unique-relevant ideas
She also revealed that to improve and reap the benefits of Web3 in music, artists, and creatives must give attention to creating and releasing always-relevant, and individualistic concepts for users. Although she pointed out that not all projects must be about NFTs in the digital space.
Understand and connect with your audience
Another tip the Warner official gave to creators was the need to know and connect with their community while they create their craft. “You have to understand who your audience is and start communicating with them generally,” Ruxandra said. There is a need to go where they are to appreciate what they are looking for.
Combine digital with physical
Speaking further, Oana said that as music and Web3 collide with each other, the combination of the digital and physical worlds without losing one is also vital for the industry. “A digitally augmented space that is physical as well is a key part of our future”.
She explained that a physical or digital space is helpful in communicating with an audience, and platforms like a Discord channel can be very helpful, as can other social media platforms.
Have a roadmap; build with your community
Creators should also not leave out having a long-term roadmap for whatever they are building, she added. The roadmap will help creators take their community through various experiences as they build and launch at different timelines. Lastly, she motivated creators to always build with their community.
Warner Music Group has invested in the blockchain-based music platform Vezt and explored using blockchain technology to track and manage royalty payments to artists. They have also participated in the sale of non-fungible tokens (NFTs) to create new revenue streams and business models in the music industry. In 2021, it invested in Roblox and hosted a virtual Super Bowl experience featuring Saweetie in February, which garnered 7.5 million views.