Virtual reality music platform MelodyVR has launched its app and raised $30 million in funding through UK-based parent EVR Holdings.
The majority of cash has been generated by EVR shareholders placing shares on the London AIM Stock Exchange worth £20m ($27m).
It brings the startup’s total amount raised to $70m to date and will be used to help fund global expansion.
Available in the UK and US initially via Oculus Go and Samsung GearVR devices, the MelodyVR app offers music fans a selection of immersive performances from today’s biggest artists to buy as one-off purchases.
Footage has been taken from sold-out stadium shows, festivals and exclusive VIP sessions.
Over the coming months, MelodyVR will live stream concerts via virtual reality and offer virtual tickets to sold-out shows.
EVR Holdings Executive Chairman and CEO Anthony Matchett said other markets such as South Korea, China, Taiwan and Japan, will be targeted in the coming months.
“As we move forward, we are confident that a global roll-out of the MelodyVR platform will not only serve to supplement and increase the company’s potential revenue generation capabilities, but will also serve to increase content consumption, brand awareness and IP value overall,” he said in the company’s fundraising document.
In addition, EVR plans to offer additional proprietary technologies such as interactive advertising, digital ticketing and social VR functionality.
Matchett added that versions of MelodyVR will arrive across further virtual reality devices and “forthcoming augmented reality ecosystems”.
Speaking in the press release, he said: “MelodyVR was founded to deliver new and amazing ways for music fans to connect with the artists they love.
“We’re thrilled to have launched our platform in the US and the UK and we look forward to launching globally over the coming months.
“We’re hugely excited to provide music fans across-the-globe with amazing, immersive VR performances from the world’s most recognisable and loved artists.”
MelodyVR has secured partnerships across the industry, including major labels Warner Music, Sony Music and Universal Music, as well as independent labels and publishers.
Artists it has worked with include 2 Chainz, Rag‘n’Bone Man and Niall Horan.