Music virtual reality company EVR Holdings announced Monday that its MelodyVR subsidiary has signed a licensing and revenue share agreement with Universal Music, the world's biggest music group. The company announced a similar deal with #3 Warner Music Group last week.
EVR Holdings' MelodyVR has negotiated the rights to produce and distribute virtual-reality content from Universal Music Group artists, which will be available only on its own app for a limited time, prior to wider joint-exploitation. No details of the revenue split or other financial details were disclosed.
“UMG represents a significant number of the world’s most popular chart-topping artists and 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,” said Anthony Matchett, chief executive of EVR.
As part of the deal, UMG received options on 43.2 million EVR shares exercisable for five years at a price of 12.375p. Shares in EVR were up 23% at 13.65p on Monday.