Business
WARNER MUSIC GROUP ANNOUNCES PARTNERSHIP WITH, AND INVESTMENT IN LEADING DIGITAL FASHION COMPANY, DRESSX
Collaboration Will Enable Fans to Wear Digital Fashion Lines Designed by WMG's Roster of Artists NEW YORK, Dec. 15, 2022 /PRNewswire/ -- Warner Music Group
About this update from Warner Music Group Corp.
[{"type":"text","content":" Collaboration Will Enable Fans to Wear Digital Fashion Lines Designed by WMG's Roster of Artists \nNEW YORK, Dec. 15, 2022 /PRNewswire/ -- Warner Music Group (Nasdaq: WMG) today announced a partnership with and investment in DRESSX, a digital fashion retailer and the largest digital closet with a deep commitment to sustainable fashion. The first-of-its-kind partnership will provide a platform for select WMG artists to design their own virtual fashion lines.\n\n \n \n \n \n \n \n\n \nIn the agreement, artists will collaborate directly with DRESSX to design and launch 3D and AR virtual clothing that fans can collect and enjoy across Instagram, Snapchat, and other platform partners. The deal will enable artists to unlock new revenue streams, while creating additional outlets for fans to showcase their fandom across multiple digital worlds.\nOana Ruxandra, Chief Digital Officer & EVP, Business Development, WMG said, \"The representation of our future digital selves will be as important and, if you're measuring by sheer volume of interactions, maybe more important than how we represent ourselves physically. As our digital identities become exponentially more robust and impactful, we are focused on building partnerships that will enable WMG and our artists. With its leadership in wearables and sustainability, DRESSX is exactly the type of partner we need sprinting alongside us as we build for the future.\"\n\"We are extremely proud to partner with Warner Music Group and their incredible artists to continue building and scaling the DRESSX meta-closet vision for the future. Digital fashion is a visual language for communicating and creating bonds online, and at DRESSX we use technology to provide the utility for digital wearables using augmented reality, machine learning, and blockchain. Digital merch and swag from musicians will definitely be a part of the digital wardrobes of fans, and it's great to see that more and more stakeholders believe in this new domain that is already changing the fashion industry at a scale. Every day, we are getting closer to our aim of giving a meta-closet to every person in the world, making fashion accessible to everyone through innovation and tech,\" commented Daria Shapovalova and Natalia Modenova, co-founders of DRESSX.\nSince the DRESSX launch in August 2020, the company has become the largest platf...