Warner Music Group Delves Deeper into Metaverse, Invests in DressX
American entertainment and record label conglomerate – Warner Music Group – is continuing to expand its metaverse strategy, evident in its latest partnership and investment in DressX, a digital fashion retailer.
Under the agreement, Warner Music artists will be able to collaborate directly with DressX to design and launch 3D and AR virtual clothing, which can be collected and accessed by fans across various social media channels such as Instagram, Snapchat, and other platforms partners.
Warner Music Group Metaverse Push
According to the official blog post, artists will also be able to leverage additional revenue streams through the partnership while simultaneously creating new outlets for fans to exhibit their fandom across multiple digital worlds.
In a statement, Oana Ruxandra, WMG’s Chief Digital Officer & EVP of Business Development, said,
“The representation of our future digital selves will be as important and, if you’re measuring by the sheer volume of interactions, maybe more important than how we represent ourselves physically. As our digital identities become exponentially more robust and impactful, we are focused on building partnerships that will enable WMG and our artists.”
Warner Music Group has not revealed the amount invested in DressX as a part of the agreement.
Earlier this summer, DressX had partnered with Meta (formerly Facebook) and began selling outfits in the Mark Zuckerbereg-led company’s Avatar Store. This marked the first time a digital-native fashion company got the opportunity to be invited by the social media giant alongside prominent luxury labels – Prada, Balenciaga, and Thom Browne.
Web3 Push
The music and entertainment conglomerate partnered with Animoca Brands’ The Sandbox to launch a music-themed virtual world in January this year. This was Warner Music Group’s first venture in the Web3 space, as part of which the company acquired “ESTATE.”
For context, the “ESTATE” was described as a hybrid of a musical theme park and concert venue that will act as a portal for Warner’s artists to make an appearance in the metaverse.
A month later, Warner dived into record label company dived into blockchain gaming by partnering with a developer, Splinterlands. The deal was to develop mobile-friendly, accessible games by moving towards arcade-style gaming in a bid to further advance the adoption and bolster community building more seamlessly than the conventional play-to-earn (P2E) games.
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