Information  X 
Enter a valid email address

EVR Holdings PLC (EVRH)

  Print      Mail a friend

Monday 17 July, 2017

EVR Holdings PLC

Sony Music signs agreement with MelodyVR

RNS Number : 1855L
EVR Holdings PLC
17 July 2017
 

17 July 2017

 

 The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

EVR Holdings plc

('EVR' or the 'Company')

 

Sony Music Entertainment signs agreement with MelodyVR and receives entitlement to subscribe for shares in EVR at 14.2p per share

 

Agreement positions MelodyVR as the only company licensed for VR content creation and distribution by all three major record labels.

 

EVR Holdings plc (AIM: EVRH), the leading creator of virtual reality music content, is pleased to announce that its subsidiary MelodyVR Ltd ('MelodyVR') has signed a global content development and distribution agreement with Sony Music Entertainment ('Sony Music'). Sony Music is a global recorded music company with a current roster that includes a broad array of both local artists and international superstars. The company boasts a vast catalog that comprises some of the most important recordings in history. It 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. 

 

The worldwide, multi-year 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.

 

The Company is also pleased to announce that as part of this agreement, Sony Music receives an entitlement to subscribe for 43,239,926 ordinary £0.01 shares in EVR Holdings PLC, exercisable until the 5th anniversary of today's date, at an exercise price of 14.2p.

 

This content and distribution agreement enhances MelodyVR's distribution capabilities with respect to its extensive content library and further extends the Company's opportunities for virtual reality content creation.

 

Anthony Matchett, CEO of EVR Holdings, said: "I'm incredibly pleased to announce our global partnership with Sony Music for Virtual Reality content creation. We are thrilled to be working more closely with the Sony Music team and with their exceptional roster of talent, I look forward to us creating even more amazing content together.

 

"Over the last two years our company has worked tirelessly to secure the necessary licensing and rights for the creation and exploitation of Virtual Reality content with the world's most recognisable, musicians and artists. The completion of our negotiations with all three of the world's major record labels - Warner Music Group, Universal Music Group and now Sony Music Entertainment, is an extremely significant milestone for our company and in my opinion, provides significant validation in regard to our market leading position, our on-going success and the long-term value of our business.

 

"Having negotiated groundbeaking, first-of-their-kind VR content creation and distribution agreements, MelodyVR now has the ability to create and exploit content with artists represented by all three of the world's major record labels, who collectively generated over $11bn of gross revenue in 2016, and positions our company as the world's only fully licensed VR music platform.

 

"Now that MelodyVR has secured the record label agreements needed to facilitate the global launch of our VR music platform, our focus is to expand upon the distribution network for the MelodyVR app and to increase the size and scale of our potential consumer base at launch. Having recently announced a global partnership with Microsoft, that will see MelodyVR made available to over 500,000,000 Windows 10 consumers, we 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."

 

- Ends -

 

For further information please contact:

 

EVR Holdings plc


Anthony Matchett, Chief Executive Officer

Tel: +44 (0) 20 7457 2020

Sebastian Theron, Chief Financial Officer

www.evrholdings.com  



Zeus Capital Limited (Nominated Adviser and Broker)


Phil Walker / Andrew Jones (Corporate Finance)

Tel: +44 (0) 203 829 5000

John Goold / Benjamin Robertson (Sales & Broking)

www.zeuscapital.co.uk

 

Media enquiries:

 

Instinctif Partners


Kay Larsen / Chantal Woolcock

Tel: +44 (0) 20 7457 2020


www.instinctif.com

 

Notes to Editors:

MelodyVR is a wholly owned subsidiary of EVR Holdings plc ('EVR'), a company that is listed on the AIM market of the London Stock Exchange under the ticker EVRH.L. EVR, a creator of virtual reality content, joined AIM on 16 May 2016 following a reverse takeover of Armstrong Ventures plc. Further information can be viewed at www.evrholdings.com 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGRDGGDRDSBBGRL

a d v e r t i s e m e n t