Sony Music Entertainment launches RCA Records Web3 venture in China
Sony Music Entertainment (Sony Music) established its new label RCA Records to explore avenues in streaming music NFTs and the Metaverse.
The new label, titled ‘RCA Records Great China’ will be headed by Kevin Foo, the new managing director of the label and report to CEO of the label, Andrew Chan. It is debuting with award winning Jackson Wang and A-Lin as the label’s first artists.
It will invest in other artists seeking to ‘broaden their artistic and commercial opportunities” across streaming, gaming, virtual reality, NFTs and the metaverse, Sony said in a statement on Thursday.
The company also announced it will recruit talents in artists and repertoire (A&R), Web3, data analytics, digital marketing, digital licensing, gaming and more. The label’s core team will be based in Shanghai and develop domestic A&R and local-language artists in the region with its own dedicated roster of artists.
‘With China achieving over 30% growth in recorded music revenue in 2021 and leading the Asian market, there is plenty of room for artists and music labels to grow. RCA Records Greater China will improve our ability to create quality, diverse music and products that help artists stand out and compete effectively in the attention economy.’
He also said that RCA Record Great China is only the first of many labels Sony will be launching in the region.
Sony’s move into the Metaverse, NFT and Web3 ecosystem comes after Warner Music announced its partnership with The Sandbox to create its first music theme park and concert venue in the gaming Metaverse in January 2022.