INSUBCONTINENT EXCLUSIVE:
Universal Music Group has struck a partnership with NFT platform Curio to develop NFT collectionsUniversal Music Group has struck a
partnership with NFT platform Curio to develop non-fungible token (NFT) collections for its record labels and artists, the companies said on
Thursday.The deal is a major move into a potentially new revenue stream by the world's largest music company, which, like its rivals,
depends heavily on streaming music for its financial survival.Universal Music said it plans to work with Curio to develop digital artwork
and other collectibles for the company and its artists
Curio also will serve as an online outlet where fans can buy officially licensed NFTs, starting in March with a collaboration from Capitol
Music Group and the British singer-songwriter Calum Scott
internet built on blockchain technology, present an opportunity for labels and artists to create unique digital products for fans at a time
when streaming has made access to music ubiquitous."We have an opportunity, with Web3, to have ownership on top of access," Mr Nash told
NFTs are unique data files that can be music, art and more."With all the innovation happening around Web3 and NFTs, you've got the
opportunity to make all kinds of digital products available that provide that ownership ..
And you have technologically enforced scarcity, so you can appeal to collectors," Mr Nash said.Universal has been actively exploring ways to
capitalize on the growing popularity of digital collectibles, going so far as to form a music group, Kingship, made up entirely of simian
characters from the NFT brand Bored Ape Yacht Club
The animated apes, which live as unique items on the digital blockchain, have become coveted prizes for Hollywood celebrities and other
collectors.In Curio, Universal found an executive well acquainted with its business as co-founder and co-Chief Executive Officer Ben Arnon
previously worked at Universal Music Group
One of Curio's advisors, Marc Geiger, is the former head of music at William Morris Endeavor talent agency.The partnership represents a
milestone for Curio, which was founded in 2020 and dropped its first NFT last February
The company has subsequently released more than 75,000 digital collectibles working with music, films and television industry partners.The
platform features NFTs inspired by Neil Gaiman's "American Gods" television series and Universal Pictures' 2010 cult classic "Scott Pilgrim
The World."Mr Arnon said to Reuters he built its NFT marketplace so it would be accessible to mainstream consumers, including those who have
