Tue. Jul 5th, 2022

A new metaverse project that incorporates Warner Music Group as an accomplice is utilizing non-fungible tokens (NFTs) to make virtual famous people that can show up in different computerized media and bind a symbolic’s worth to an icon’s ubiquity.

Called The Guardians of Fashion (GOF):

the task will mint 6,888 NFTs for two-layered symbols in view of human qualities, Singapore-based beginning up Ownft World reported in an explanation on January 13. The tokens will utilize the Ethereum blockchain.

Warner Music has endorsed on as GOF’s first music accomplice.

The organization will give a virtual projecting call to recognize 100 GOF symbol abilities for forthcoming associations, for example, animatics recordings. GOF has additionally worked together with Yeah1 Group, a main multichannel network in Asia that addresses powerhouses, for a forthcoming anime series in view of the symbols. Warner Music Group announced on Tuesday that it will waive unrecoupled debts for heritage artists as part of its first Environment Social Governance report, following Sony Music’s lead last year.

As soon as it was reported by Music Business Worldwide, a reliable source told Variety that Universal will make a similar announcement as part of its ESG report later this year.

As a result, eligible artists, songwriters, and others who had not recouped their advances or other expenses will now receive royalties that had previously been used to defray those expenses…. That situation has meant that many artists have received low or even no royalty payments as the company applied their earnings to paying down debts they may have incurred through signing advances or other recoupable expenses that standard record-label contracts oblige the artist to cover.

In the report:

WMG states that it has “announced a legacy unrecouped advances programme where, for our artists and songwriters who signed to us before 2000 and didn’t receive an advance during or after 2000, we won’t apply their unrecouped advances to royalty statements for any period beginning July 1, 2022 or after.

  • “The programme will also benefit other artist royalty participants such as producers, engineers, mixers and remixers.”

Reports on environmental, social, and governance (ESG) issues are designed to “communicate to key stakeholders and a baseline for WMG to measure its ESG progress in areas such as employee well-being,” “social impact, and climate change.”

The following are some other noteworthy findings in the Warner report:

  • Environment

WMG calculated its first direct greenhouse gas emissions footprint (including emissions from Scopes 1 and 2, as well as employee travel) and will propose a target to the Science-based Targets initiative in 2022.

  • WMG became a founding signatory of the Music Climate Pact, developed with support from the UN Environment Programme, to collectively tackle the industry’s environmental impacts.
  • The company avoided using 46 tonnes of virgin plastic by producing 100 percent recycled vinyl records for artists like Coldplay, Ed Sheeran, Gorillaz, Biffy Clyro, and Foals.

Social

Because of the pandemic’s effects on the company’s workforce, WMG increased its investments in mental health programmes, training, and technological advancements.

  • In 2021, WMG was certified as a Great Place to Work in the U.S. and France, and was included in the Human Rights Campaign’s Corporate Equality Index for the third consecutive year.

WMG established a set of north star DEI commitments, put in place new support for its 45 Employee Resource Group chapters, and developed new recruitment and educational programmes to foster more inclusive thinking and behaviours.

The company piloted mental health initiatives for its creative community.

It is also launching a legacy unrecouped advances programme for eligible artists and songwriters who signed with WMG before 2000 and didn’t receive an advance during or after 2000. The programme will also benefit other artist royalty participants such as producers, engineers, mixers, and remixers. It goes into effect for royalty periods starting July 2022.

Throughout the pandemic:

WMG contributed to more than 20 non-profits around the world, to aid frontline workers, small business owners, out of work concert/touring staff, and others who need assistance during this difficult time. Since it was established in 2020, the $100 million Warner Music Group / Blavatnik Family Foundation Social Justice Fund has pledged $22.5 million in grant commitments to 24 organisations.

Governance

The company increased the representation of independent directors on its Board committees and the Board’s Nominating and Corporate Governance Committee has assumed oversight of ESG. WMG CEO Steve Cooper said: “Becoming a more equitable and sustainable company is a moral, commercial, and creative imperative. WMG operates in more than 70 countries around the world, each with distinct customs, cultures, needs, and regulations. So, our sustained, global approach to ESG requires us to have a sophisticated local, individualised line of action. We’re exploring what creating positive change should look like for our company, our artists and songwriters, and the broader community. We’ve made some great strides so far, but this report isn’t just a snapshot of what we’ve done to date – it’s a long-term commitment to action and accountability.”

By Adam

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