B2B music streaming technology company Tuned Global has joined forces with Revelator, a digital IP infrastructure provider for music, to integrate NFTs into music streaming platforms.
Revelator will enable Tuned Global to offer its customers a white-label platform to mint, sell, distribute, report, and track music NFTs.
Through this collaboration, Tuned Global’s partners, including digital service providers (DSPs), will be able to let artists create and distribute music releases as NFTs directly on their Web2 streaming platforms.
Artists will have the opportunity to mint new releases, exclusives, or derivative content as NFT collections on Polygon, a popular layer-two scaling solution built on the Ethereum blockchain.
This collaboration allows NFTs to coexist with traditionally streamed music, giving fans the chance to interact with digital collectibles and access exclusive content through token-gated mechanisms.
Additionally, artists will benefit from payment opportunities facilitated by blockchain-based smart contracts.
Revelator’s Web3 infrastructure will play a key role in tokenizing the music NFTs, facilitating the distribution of royalty payments through smart contracts.
These music NFTs will be distinguishable on DSPs by an “NFT” badge, helping fans who are new to the concept easily identify them.
Tuned Global, founded in Australia in 2010, has powered streaming services for various local markets, including Plern in Thailand, Mjams in the Pacific Islands, and Sewasew in Ethiopia. In Japan, Tuned Global provides B2B music services for Line Music.
“The Web3 music ecosystem will exist in parallel to the streaming economy for years to come. To maximize their benefits, creators will need to engage in both, recognizing their distinct strengths and potential for synergistic collaboration.”
Gilad Woltsovitch, Revelator Labs
Bruno Guez, CEO and founder of Revelator, said: “This partnership lets music lovers collect NFTs in fan-friendly ways where they are already experiencing music. Fans won’t need to mess with wallets or special Web3 players, or even leave their favorite music platform. They’ll pay with a credit card. This access and ease will open up new revenue streams for artists, as more fans jump in.”
Gilad Woltsovitch, head of Revelator Labs, highlighted the coexistence of the Web3 music ecosystem with the streaming economy,.
“The Web3 music ecosystem will exist in parallel to the streaming economy for years to come. To maximize their benefits, creators will need to engage in both, recognizing their distinct strengths and potential for synergistic collaboration. We are delighted to have Tuned Global as a partner to help us make this a reality,” he said.
“NFTs will provide a whole new avenue for revenue in markets with a strong local scene and culture.”
Con Raso, Tuned Global
Con Raso, Tuned Global’s Managing Director and founder, stressed the significance of NFTs in providing additional revenue avenues in markets with vibrant local music scenes and cultures.
“Many of our clients are building streaming services in markets where large-scale DSPs just don’t work well enough for local artists, their fans, or the company. NFTs will provide a whole new avenue for revenue in markets with a strong local scene and culture. Local fans adore the artists who are torchbearers for their culture, and now they can support and reward them in new ways, even if they are not yet familiar with Web3.”
Last year, Raso discussed the opportunities for music in Web3, emphasizing the potential for “extraordinary growth” when executed properly.
“For music rightsholders, Web3 is an opportunity for extraordinary growth, if done properly. User generated content, live events and back catalog opportunities in Web3 are immense. We really value our relationships with the labels and publishers and we’re exploring some exciting Web3 opportunities with some of them,” Raso told MBW in an interview.
Tuned Global has since made significant investments in Web3 and artificial intelligence, acquiring Swedish music technology company Pacemaker, along with its AI-driven DJ applications, in March.
Last year, it branched into the gaming sector, partnering with Reactional Music to act as the music backend provider for the Reactional Music Box, a global music delivery platform for games development and consumer markets.
Music Business Worldwide