Two new music-tech trade bodies have recently been established, each with a unique focus on the industry. Music Tech Europe, launched in March, serves as an umbrella association for organizations on the continent. The Web3 Music Association (W3M), on the other hand, concentrates on web3 technologies and music, with a particular interest in developing a ‘Music Protocol’ to facilitate the transformation of music rights into dynamic assets that can adapt to the changing digital landscape.
W3M has already enlisted several members, including Beggars Group, Blue Raincoat Music, PIAS, Hospital Records, Tileyard, and Karta. PIAS’s Chief Digital Officer, Adrian Pope, emphasized the importance of upholding copyright principles and protecting creative intellectual property within the association. This is crucial given the emergence of questionable music startups during the peak of web3 hype within the industry.
The web3 music scene has faced challenges in recent years, with many in the mainstream music business expressing disillusionment. Therefore, W3M’s tasks will include rebuilding confidence and supporting genuinely innovative startups and projects that contribute positively to the industry. It is essential for the association to distinguish between true innovation and strategies that are merely smoke and mirrors or not beneficial for fans. As W3M continues to grow and develop its ‘Music Protocol’, it will play a vital role in shaping the future of music technology on a global scale.
