MelodyVR signs Agreement with Universal Music Group
EVR Holdings plc (AIM: EVRH), a leading creator of virtual reality (‘VR’) music content, is pleased to announce that its subsidiary MelodyVR Ltd (‘MelodyVR’) has entered into an agreement with Universal Recordings Services, INC, a subsidiary of Universal Music Group (UMG), the world’s leading music-based entertainment company. UMG owns and operates record labels including Capitol Records, Decca, Def Jam, EMI, Interscope, Island, Polydor, Republic and Virgin EMI. UMG reported revenues of over $5.5 billion in 2016, further details regarding UMG and their artists can be found at www.universalmusic.com.
The worldwide, multi-year agreement, licenses the creation and distribution of Virtual
Reality content featuring UMG’s artists. Under the agreement, MelodyVR will receive the right to create and distribute VR content created with Universal artists. Content created under the agreement will be available initially on MelodyVR, followed by a period of joint- exploitation by both parties. The companies will share the revenue generated from the commercialisation of virtual reality content featuring Universal artists on the MelodyVR app.
The Company is also pleased to announce that Universal Music Leisure LTD has received an entitlement to subscribe for 43,239,926 ordinary £0.01 shares in EVR Holdings PLC, exercisable until the 5 th anniversary of today’s date, at an exercise price of 12.375p.
The non-exclusive agreement significantly enhances MelodyVR’s distribution capabilities with respect to its extensive content library and further extends the Company’s opportunities for virtual reality content creation.
Source: www.EVRHoldings.com
Image license: Creative Commons
