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- WMG partners with Digital fashion house DressX and invests an undisclosed amount.
- WMG artists will now be able to collaborate with DressX to design and launch their 3D and AR merchandise.
- WMG already owns ESTATE, a virtual place in the Metaverse for concerts.
Warner Music Group (WMG), or Warner Records Inc., previously known as Warner Bros. Records Inc., is an American entertainment and record label conglomerate that is broadening its Metaverse Strategy. Their newest partnership which includes an undisclosed investment in a digital fashion retailer, DressX supports this claim.
The agreement allows the WMG artists to collaborate directly with DressX to design and launch 3D and Augmented Reality virtual clothing, which fans can then assess and collect across social media platforms such as Snapchat, Instagram, etc.
This will benefit the company and artists, as they can leverage this additional revenue stream. They can partner with DressX to launch their unique line of clothes and accessories. This will also allow fans to showcase their fandom across the digital world.
WMG’s Chief Digital Officer & EVP of Business Development, Oana Ruxandra, says that the digital representation of our future self shall be equally important. If the massive interaction volume is considered, it becomes more important than our physical representation.
“As our digital identities become exponentially more robust and impactful, we are focused on building partnerships that will enable WMG and our artists.”
DressX partnered with Meta earlier this summer, and have already started selling outfits in the Avatars Store, a Mark Zuckerberg-led company. This is significant as a digital-native fashion company now shares the same stage on social media alongside giant luxury labels like Prada, Thom Browne, and Balenciaga.
WMG also partnered with Animoca Brands’ The Sandbox to launch a virtual world themed around music in January 2022. Making a Hard Rock Park of a virtual world, if you will. This also marked Warner Music Group’s first venture in Web3 as a part of the ‘ESTATE’ acquisition.
‘ESTATE’ is a concrete venue and a musical theme park hybrid, which will now act as a portal for WMG’s artists to perform in Metaverse. The Staples of Metaverse, if you will.
Pushing their boundaries further, a month after the Sandbox partnership, Warner entered the blockchain gaming arena. They partnered with the developer, Splinterlands to develop mobile-friendly and accessible games. And moving towards arcade-style gaming to further advance the adoption of tech and build a huge community, which shall be easier than traditional play-to-earn (P2E) games.
Warner Music Group
Founded on March 19, 1958, as a recorded music division of an American film studio, Warner Bros. is now known as Warner Music Group. The music and entertainment conglomerate owns and operates prominent record labels like Elektra Records, Reprise Records, Warner Records, Parlophone Records and Atlantic Records. WMG is considered one of the biggest music companies on the planet.
Metaverse Concerts.
During the pandemic in April 2020, Travis Scott performed in Fortnite, and this is still considered one of the biggest performances in Metaverse so far, with over 28 million people tuned in for the show.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
