EVR Signs Warner Music Deal For VR Content

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EVR Signs Warner Music Deal For VR Content
December 22, 2016

EVR Holdings PLC said Thursday its subsidiary MelodyVR will launch a beta version of its virtual reality music platform on Christmas Eve, after earlier announcing it has signed a deal with Warner Music Inc for content creation.

 

MelodyVR will launch a staged beta programme for content accessible via Samsung Gear VR devices during the holiday period and beyond. The programme will collect data on how consumers interact with the music service.

 

EVR also said it has appointed Nikki Lambert as vice-president of marketing at MelodyVR. Previously Lambert spent five years working at Swedish music streaming service Spotify, where she led international marketing efforts including launches in Germany, Indonesia and Japan. Lambert will manage the beta programme, as part of her responsibility for brand development and consumer insight.

 

"As the VR ecosystem develops over the coming months, we look forward to inviting even more users to our beta programme in advance of the wider consumer release of our product in 2017," said Anthony Matchett, chief executive officer.

 

Earlier on Thursday, EVR said it has signed a deal with Warner Music Inc for creation and distribution of virtual reality content, which will see Warner take an option for a stake in the company.

 

AIM-listed EVR, which specialises in virtual reality music content, said its subsidiary MelodyVR Ltd will make content featuring Warner artists.

 

As part of the deal, MelodyVR will receive the right to distribute live and pre-recorded content made with Warner artists for an exclusive period, followed by a period of joint-exploitation for both parties.

 

Warner Music will also receive an entitlement to subscribe for 43.2 million shares in EVR at an exercise price of 4.25 pence, exercisable for the next five years. EVR currently has 944.0 million shares in issue.

 

"The agreement aims to streamline the creation and distribution of virtual reality content featuring Warner artists and also unlocks a substantial portion of our existing content library for commercial exploitation. Warner Music represents a number of the world's most recognised artists and over the coming years we are looking forward to creating even more content with their outstanding roster of talent," said Anthony Matchett, chief executive officer of EVR.

 

"We believe that Warner's request to subscribe for 43,239,926 shares shows both their confidence and conviction in the enormous potential of virtual reality as well as in the long-term success of EVR Holdings and the MelodyVR platform. We look forward to working even more closely with Warner Music moving forwards," added Matchett.

 

Shares in EVR share price were up 24% at 4.12p Thursday.

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