Quick take:
- LG Electronics has teamed up with Label Foundation to integrate Tracks Music Dapp into its smart TVs.
- The announcement comes following LG’s patent application for a web3 tech stack.
- Tracks will be the complimentary Background Music (BGM) service for LG Smart TV users across the globe.
Korean electronics giant LG is doubling down on its web3 strategy with a Web3 Music streaming service on its smart TVs. The company has teamed up with the Label Foundation to integrate ‘Tracks Music Dapp’ into its global television network of smart TVs.
This integration is part of the electronics giant’s planned upgrades to its version of the LG Smart TV service rollout planned later this year. Label Foundation thinks it is not just about adding a new service to LG’s global network, but also a momentous occasion for the music industry.
“It heralds the first-ever integration of Web3 technology into TVs, ushering in an era of decentralized music streaming,” Label Foundation said in a statement.
Users will access an extensive catalogue of music free of charge, while also having an opportunity to earn rewards through Tracks, the company said.
Commenting on the partnership, Hyungsoon Choi, Chief Strategy Officer of Label Foundation said: “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.”
According to Choi, his company’s collaboration with LG signifies the seamless integration of Web3 technology into the heart of entertainment — the living room.
Web3 music has become one of the most targeted use cases of web3 technology with leading recording and production companies like Warner Music Group teaming up with Polygon, and LGND.io to launch a music NFT marketplace. Music NFTs allow fans to earn rewards when a music track of an NFT they hold is played on selected streaming platforms like Spotify.
In May 2023, LG filed a patent application for a Web3 tech stack that allows users to trade NFTs on TV. The company enjoys one of the biggest smart TV customer bases in the world, competing with its local rival Samsung Electronics. Label Foundation thinks LG will play a crucial part in the ‘Tracks’ strategy of integrating into people’s everyday experiences on multiple platforms including Smart TVs and mobile devices.
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