As the music industry dives deeper into Web3, what can the West learn from Asia’s approach to the online landscape, and vice versa?
Music artists worldwide are going wild for Web3 tools as they increasingly connect with their followings via the usage of collectible non-fungible tokens (NFT), virtual meet and greets, and metaversal concerts.
With the global music industry revenue reaching $26.2 billion in 2022, according to the International Federation of the Phonographic Industry’s (IFPI) ‘Global Music Report 2023’, it’s no surprise the sector and swelling virtual world have become more intertwined.
The online revolution is democratizing the music industry, as well as ushering in better royalty systems and direct relationships with fans. But as Web3 matures, the APAC region and the West have adopted different approaches, each suited to local audience interests and demands.
“One thing is clear from APAC’s bold tech exploration contrasting the West’s caution; collaboration binds artists and fans in a Web3-fueled ecosystem. This dance of change promises an inclusive future, where music and Web3 pioneer societal evolution,” Daniel Healy, Director of Muuv brand design agency and Web3 and music expert, tells Jing Daily. Continue to read the full article here
