Web3 Music Requires Fresh Ideas to Succeed, Says Warner Music Exec

The digitally augmented space is a key part of Warner Music Group's future plans, Chief Digital Officer Oana Ruxandra said at Consensus 2023.

AccessTimeIconApr 28, 2023 at 3:49 p.m. UTC
Updated Apr 28, 2023 at 6:34 p.m. UTC
AccessTimeIconApr 28, 2023 at 3:49 p.m. UTC
Updated Apr 28, 2023 at 6:34 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

AUSTIN, Texas — Celebrities, banks and music labels once embraced non-fungible tokens (NFT), although an extended crypto winter has put a chill on efforts to create more of them. But that’s when Warner Music Group (WMG) decided to dive in.

For the entertainment company’s Chief Digital Officer Oana Ruxandra, digital collectibles are key to moving artists forward. Still, brands shouldn’t create Web3 activations just for bragging rights, Ruxandra said at CoinDesk’s Consensus 2023 event here.

WMG expanded the scope of entertainment when it entered Web3 with major partnerships including metaverse platform The Sandbox and blockchain gaming platform Splinterlands.

It invested in gaming platform Roblox in 2021 and hosted the first-of-its-kind virtual Super Bowl experience in Roblox featuring American rapper Saweetie in February. The event garnered 7.5 millions views and a 91% "like" ratio, a video that played during the panel showed. Digital merchandise was sold at the event also, Ruxandra said.

“A digitally augmented space that is physical as well is a key part of our future,” Ruxandra said.

Web3’s burgeoning relationship with music will continue to live on if artists and creatives in the digital space focus on relevant, future-proof and individualistic ideas, Ruxandra explained.

And not every artist needs to create an NFT project to succeed, Ruxandra added.

“You have to understand who your audience is and start communicating with them generally,” Ruxandra said. “Go where they are and start understanding what they're looking for.”

She recommended creators communicating with fans or their communities through a physical space or discord channel and social media platforms, plus having a long-term road map. Once you build your community, you can drive them into “these experiences,” Ruxandra said. She also encouraged that the community should be a part of the creation process.

Edited by Rosie Perper.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.