In September 2023, we reported that LG Electronics and the Web3 music streaming platform LABEL Foundation were teaming up to bring Web3 music to LG smart TVs. Today, that collaboration has come to fruition.
TRACKS, a Web3 music streaming app from the LABEL Foundation, is now available on LG Smart TVs running webOS22 and webOS23. With the move, TRACKS becomes the first Web3 music decentralized app to run on an LG smart TV.
TRACKS is a copyright fee-sharing platform with a vast catalogue of music. It was launched on the Binance blockchain (BNB) in July and was previously only available on iOS and Android. Since launch, the platform has become increasingly popular, especially with millennials. According to reports, it has acquired over 150,000 users on its mobile version, including 10,000 daily active users.
The innovative free app enables users to earn tokens by streaming music, taking community polls, and promoting creators through its Listen-to-Earn feature. Tokens can be used to unlock content, gifted to musicians, or converted into other crypto. TRACKS also offers musicians on its platform a better share of streaming revenue than most traditional streaming platforms.
The dApp operates on the free Ad-Supported TV model, with no cost to users. With the collaboration with LG, the electronics manufacturing conglomerate headquartered in South Korea, TRACKS greatly expands its availability across devices as it aims to democratize access to music globally.
Web3 Is Reshaping the Music Industry
The move to bring a Web3 music dApp into living rooms around the world is a win for Web3 music in general, and the high-quality audio on LG Smart TVs should make it a win for music lovers as well. But LABEL Foundation Foundation isn’t the only platform that’s working to pave the way for Web3 music.
At Rarity Sniper, we’ve covered dozens of articles about how Web3 technology is transforming the music industry. Here some of the top headlines from 2023:
- November. Exploring the Future of Music: Decentraland Announces 2023 Music Festival
- October. Mastercard’s AI, NFT Music Program a Success: CMO
- September. Web3 Music Platform Sonorus Gains 160K Users in Six Months
- August. Earl Sweatshirt & The Alchemist Unveil NFT Album on Gala Music
- August. Grimes’ NFT Profits Eclipse Music Career Earnings
- July. Coca-Cola Partners with SolSea for Music Festival NFT Drop
- April. Mastercard Strikes a Chord with Free Music NFTs
Whether through virtual concerts, NFT utility tracks, or token-gated experiences and reward programs, Web3 technologies can connect musicians directly to their fan bases. That’s a big deal, especially in an industry that’s notorious for giving artists the short end of the stick.
Whether one dApp will rise to dominance the way Spotify did in Web2 is anyone’s guess. But if that proves to be the case, TRACKS and the LABEL Foundation certainly look like they’re off to a good start. To learn more about Web3 music, check out our most recent deep dive: What is NFT Music?