The Label Foundation recently announced an agreement with global electronics giant, LG Electronics, to launch ‘Tracks’, an innovative Web3 music streaming platform, which will be soon available on the latest version of LG Smart TVs. This collaboration paves the way for the first-ever integration of Web3 technology into TVs.
Positioning itself as a leading Life Background Music platform, ‘Tracks’ grants users free access to refined music playlists and visuals. Additionally, the service offers an appealing perk: earning various rewards based on listening duration. The Label Foundation bridged TRACKS as a complimentary Background Music (BGM) service enabled on LG Smart TV users. It is crafted mainly for Generation Z, the demographic celebrated for distinctive moods through music and visuals.
Set for a rollout on the newest version of LG TVs this year, Label will also release an open beta version for ‘Tracks’ on mobile devices, scheduled for September 25, 2023.
Speaking on the collaboration, Label representatives expressed, “With the upcoming launch, numerous TV owners will be able to enjoy music for free, which resonates deeply with Label’s ethos, championing universal music accessibility without financial boundaries. We are happy that our collaboration with LG Electronics made this a reality”.
In tandem, Label is devising strategies to enhance accessibility to the ‘Tracks’ platform for Web 2.0 users by harnessing Web 3.0 technology’s prowess. Remarkably, through this decentralized application (DApp), Label aims to innovate and revolutionize trends of curation and monetization in the music industry. In line with the company vision, Label is determined to strengthen its role as a forerunner in the music enterprise, seamlessly bridging the Web 3.0 and Web 2.0 domains.
Over the years, LABEL Foundation has raised two successful investment rounds, that have been led by traditional investment firms, eBest Investment & Securities, Groom Investments and DWF Labs has enabled them to launch their innovative Listen-and-Earn TRACKS dApp, which has recently seen a successful Closed-Beta-Test completion, tested by thousands of their users. LABEL believes that this revolutionary application has enormous prospects not just for artists but also for listeners who want to contribute to the music and help make this sector free. Collaboration with LG is another strategic movement to make visible changes in the music sector.
About LG Electronics
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country, boasting an international workforce of over 74,000 and a global revenue of around 67 billion U.S. dollars. LG is a leading manufacturer of consumer and commercial products, spanning TVs, home appliances, air solutions, monitors, service robots, and automotive components. Its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names all over the world. With a reputation for innovation, LG has been responsible for a slew of pioneering technologies that have set standards in the market.
About Label Foundation
LABEL Foundation has developed the first-of-its-kind platform featuring a Listen-And-Earn mechanism, TRACKS, for the Web 3.0 music platform ecosystem. It provides an innovative Music-Fi ecosystem that rewards tokens to users based on their music playback time. Users can contribute to revitalizing the Web 3.0 music platform ecosystem by either rewarding musicians with tokens earned while listening to music or spending them within the LABEL platform.