(Alliance News) - EVR Holdings PLC on Thursday said it has signed a contract licencing deal with Facebook Technologies LLC for the MelodyVR platform.
Shares in virtual reality entertainment firm EVR were up 16% at 7.72 pence in early afternoon trade.
Facebook acquired virtual reality company Oculus VR LLC in 2014. Under the agreement, MelodyVR content will be used by Facebook and Oculus for advertising, and has been licenced for exploitation across social media platforms such as Facebook-owned Instagram and YouTube for nine months.
MelodyVR is to receive an undisclosed licence fee, which will be partly share with rights holders for the artists features in MelodyVR's content.
"Facebook will also provide MelodyVR with a number of marketing commitments including; featured placements on the Oculus platform and in email marketing as well as inclusion in PR communications and activities in relation to the advertisements, details of which will be mutually agreed between Melody and Oculus at a later date," said EVR.