In a recent announcement to bring the spotlight to the Web3 music streaming landscape, LG Electronics, a renowned name in the global electronics industry, has joined forces with the LABEL Foundation. The collaborative effort will introduce the TRACKS Music Dapp, a Web3 native music streaming platform, to the vast network of LG Smart TVs across the globe.
LG Adds Web3 To Its Offerings
Web3 music streaming platforms are gaining attention, promising artists fairer compensation and listeners a more immersive experience. Amidst this transformation, LG’s Smart TV Music emerges as a crucial player, bridging the gap between traditional entertainment and the decentralized nature of Web3.
LG Electronics has teamed up with the LABEL Foundation to introduce the world’s first Web3 native music streaming platform on Smart TVs. The main motive of this partnership is to integrate the TRACKS music Dapp into LG’s extensive network of Smart TVs. TRACKS is set to offer a complimentary Background Music (BGM) service to LG Smart TV users around the world. Not only will users have access to a vast music library at no cost, but they will also have the unique opportunity to earn rewards via the TRACKS platform.
This partnership is on track to set new industry standards, with the latest LG Smart TV service version expected to be launched later this year. More than just an upgrade, this collaboration signifies a historic moment in music streaming, marking the debut of Web3 technology in television sets
Building on their partnership with LG Electronics, TRACKS is charting a strategic course to integrate its music services seamlessly into consumers’ daily activities. Whether it’s through a smart TV, mobile device, or other technological tools, TRACKS envisions providing consistent background music for work, study, or relaxation.
The LABEL Foundation has made a unique platform, TRACKS, within the Web3 music ecosystem, introducing a “Listen-And-Earn” feature. This Music-Fi system grants tokens to users corresponding to their music listening duration. Users can further enrich the Web3 music landscape by allocating their earned tokens to musicians or utilizing them within the LABEL platform.
Label Foundation Gets Access To A Wider User Base
Amidst LG Electronics’ remarkable growth and its vast user base, the collaboration seeks to revolutionize music streaming. By integrating the cutting-edge Label’s music streaming platform into LG Smart TVs globally, the initiative is taking a significant step in making free music readily available to a broader audience.
Hyungsoon Choi, Chief Strategy Officer of Label Foundation, said, “The commencement of our partnership with LG Electronics marks a significant milestone for the music industry, signifying the seamless integration of Web3 technology into the heart of entertainment — the living room. This collaboration not only propels us into an era of enhanced music streaming but also sets the stage for accelerated innovation in the realm of decentralized music applications. We anticipate a bright future of collaboration and technological advancements as we redefine the way the world experiences music.”
Listeners can earn tokens for streaming music, participating in community polls, or promoting their favorite artists. These tokens can be traded, used for exclusive content, or even converted to other cryptocurrencies. Unlike traditional platforms where intermediaries often take a significant cut, Web3 platforms ensure artists receive a fair share of the revenue. Through blockchain technology, every stream can be tracked transparently, ensuring royalties are distributed accurately.
With intuitive user interfaces and high-quality audio output, LG’s Smart TVs provide an unmatched Web3 music streaming experience, making the transition from traditional platforms smooth for users.
