Digital collectible marketplace Limewire partners with Universal Music Group (UMG) for licensing its content. Limewire offers a Music NFT platform which opens it up to a lot of renowned artists working with UMG. They will be able to offer exclusive backstage footage, audio recording, and other content for their audience on Limewire as NFTs. This gives them an opportunity to connect with their fans via a blockchain platform.
Limewire partners with Universal Music Group
The partnership means UMG will provide Limewire licenses to work with their artists directly and create quality content that can be sold to fans as NFTs. Their focus is on producing quality, collectible content in both audio and visual space. This is a massive partnership as it opens up the music industry to crypto and its applications. And since artists in the music industry often face problems with payments, this gives them a new revenue source.
The CEOs of Limewire said, “We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3.” They are excited to open their NFT ecosystem to UMG and are waiting to see the first projects that come on their platform.
The officials at UMG are equally stoked about this new deal as well. Their EVP, Digital Business Development & Strategy, Jonathan Dworkin, said that UMG has always prioritized the creativity of its artists and the desire of its fans. And since NFTs offer a new way of engagement between the artists and the audience, they are partnering with Limewire.
LimeWire debuted in 2000, allowing individuals to exchange music, movies, and other stuff online for free. It quickly grew to tens of millions of monthly users. The firm shut down in 2011 due to rising pressure and litigation from the music and film industries over piracy charges.
In 2022, the company’s rights were purchased by brothers Paul and Julian Zehetmayr, who intend to roll out the platform in a way that unites artists and fans. This LimeWire is not associated with the original corporation, but the couple hopes to capitalize on the brand’s name. They plan to do so by entering the NFT industry.
What are your thoughts as Limewire partners with Universal Music Group for global licensing? And do you think we will see more such collaborations in the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.