MelodyVR, the leading creator of virtual reality content focused on the music industry and subsidiary of EVR Holdings Plc (LON:EVRH), this morning announces that it has signed a global content development and distribution agreement with Sony Music Entertainment. Sony Music, one of the three largest record companies in the world, is home to premier record labels representing music from every genre, including Columbia Records, Epic Records, Legacy Recordings, Masterworks, RCA Records, Sony Classical, Sony Music Latin, and Syco Music. Today’s agreement not only enhances MelodyVR’s distribution capabilities with respect to its extensive content library but further extends opportunities for virtual reality content creation. MelodyVR is also positioned as the only company licensed for VR content creation and distribution by all three major record labels, the other two being Warner Music Group and Universal Music Group.
The worldwide, multi-year framework agreement, licenses the creation and distribution of Virtual Reality content featuring Sony Music’s artists. Under the agreement, MelodyVR will receive the right to produce and distribute VR content created with Sony Music artists. Content created under the agreement will be available initially on MelodyVR, followed by a period of joint-exploitation by both parties. Sony Music will also receive an option to subscribe for 43.2m shares at an exercise price of 14.2p within the next five years.
MelodyVR has now secured the record label agreements needed to facilitate the global launch of its VR music platform, and the focus is now to expand upon the distribution network for the MelodyVR app and to increase the size and scale of the customer base when it launches. Today’s announcement also builds on last month’s announcement of a global partnership with Microsoft that will see MelodyVR made available to over 500m Windows 10 consumers. The business will also now seek to enter into further agreements with leading VR hardware and smartphone manufacturers such as Facebook, Samsung, Google, HTC and Sony PlayStation amongst others, further increasing the breadth and reach of MelodyVR.