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EVR unit in deal with Universal Music Group

By BFN News | 07:59 AM | Monday 20 March, 2017

EVR Holdings subsidiary MelodyVR has entered into an agreement with UMG Recordings Services, a subsidiary of Universal Music Group, 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. 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 produce 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 also announced that Universal Music Leisure LTD had received an entitlement to subscribe for 43,239,926 ordinary in EVR Holdings over the next five years at an exercise price of 12.375p. Story provided by

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