Investors tuned into an AIM-listed virtual reality gigs start-up after it inked a deal with record giant Universal Music.
EVR Holdings, which is preparing to launch its MelodyVR app, will create virtual reality content for artists signed by Universal, allowing headset users to view gigs and other performances.
Universal owns a number of record labels such as EMI, Capitol Records and Polydor, and manages leading artists including Florence and the Machine, Drake, and Madness.
EVR and Universal will share the revenues generated on the MelodyVR app. Universal will also subscribe for 43 million shares in EVR, giving it a small stake. It follows a similar deal with Warner at the end of last year.
Shares in EVR Holdings, which has a big following among retail investors and is based in Kings Cross, surged 1.88p, or 17%, to 13p. They have more than doubled already this year.
“Our agreement with Universal Music Group is a significant milestone and achievement for our company,” said EVR’s chief executive Anthony Matchett.
“We look forward to working closely with UMG to create and distribute ground-breaking virtual reality content as well as to hosting UMG artists on the MelodyVR platform.”