Universal Music to develop collectible NFTs in deal with Curio platform

Universal Media

17/02/2022 14:00

By Dawn Chmielewski
    Feb 17 (Reuters) - Universal 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.  
     Michael Nash, Universal Music Group’s executive vice
president of digital strategy, said NFTs and Web3, the coming
generation of the 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," Nash told Reuters in an interview. 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," 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 vs. The World." 
    Arnon said to Reuters he built its NFT marketplace so it
would be accessible to mainstream consumers, including those who
have never used cryptocurrency. 
    

 (Reporting by Dawn Chmielewski; Editing by Christian
Schmollinger)
 ((Dawn.Chmielewski@thomsonreuters.com;))