LG Electronics is partnering with Label Foundation to integrate the Tracks Music Dapp into its global network of smart TVs. This move is part of LG’s web3 strategy and planned upgrades to its LG Smart TV service rollout. Tracks Music Dapp will serve as the complimentary Background Music (BGM) service for LG Smart TV users worldwide.
The integration of the Tracks Music Dapp into LG’s smart TVs marks a significant milestone for both LG and the music industry. Label Foundation describes it as the first-ever integration of web3 technology into TVs, paving the way for decentralized music streaming. Users will have access to a vast catalog of music free of charge and will also have the opportunity to earn rewards through the Tracks platform.
Hyungsoon Choi, Chief Strategy Officer of Label Foundation, believes that this collaboration with LG not only enhances music streaming but also sets the stage for innovation in decentralized music applications. Choi sees the seamless integration of web3 technology into the living room as a significant advancement for the entertainment industry.
Web3 music has become a targeted use case for web3 technology, with major companies like Warner Music Group partnering with Polygon and LGND.io to launch a music NFT marketplace. Music NFTs allow fans to earn rewards when a track of an NFT they hold is played on selected streaming platforms.
In May 2023, LG filed a patent application for a web3 tech stack that enables users to trade NFTs on TV. With one of the largest smart TV customer bases globally, LG is expected to play a crucial role in integrating Tracks into people’s everyday experiences across various platforms.
The partnership between LG and Label Foundation signifies the growing importance of web3 technology in the music industry. As web3 continues to advance, we can expect more innovations in music streaming, NFTs, and decentralized applications.
