20 Mar 2017 07:00
EVR Holdings plc
('EVR' or the 'Company')
MelodyVR signs Agreement with Universal Music Group ("UMG").
Universal receives entitlement to subscribe for shares in EVR at 12.375p.
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 UMG 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. 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 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 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 5th 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.
Anthony Matchett, CEO of EVR Holdings, said: "Our agreement with Universal Music Group is a significant milestone and achievement for our company. UMG is the world's leading record company which owns and operates a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. UMG represents a significant number of the world's most popular chart-topping artists and we look forward to working closely with UMG to create and distribute ground-breaking virtual reality content as well as to hosting UMG artists on the MelodyVR platform."
- Ends -
For further information:
EVR Holdings plc | |
Sean Nicolson, Chairman | Email@EVRHoldings.com |
Anthony Matchett, Chief Executive Officer | www.EVRHoldings.com |
SPARK Advisory Partners Limited (Nominated Adviser) | |
Neil Baldwin / Sean Wyndham-Quin | Tel: +44 (0) 203 368 3550 |
www.sparkadvisorypartners.com | |
Peterhouse Corporate Finance Limited (Broker) | Tel: +44 (0) 20 7469 0930 |
Eran Zucker / Lucy Williams | www.pcorpfin.com |
Media enquiries:
Buchanan | |
Ben Romney / Jamie Hooper Stephanie Watson / Catriona Flint | Tel: +44 (0) 20 7466 5000 |
EVR@buchanan.uk.com | www.buchanan.uk.com |
Notes to Editors:
MelodyVR
MelodyVR is a wholly owned subsidiary of EVR Holdings plc ('EVR'), a company that is quoted 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.
The Company has successfully built a VR content library of over 500 globally-renowned artists as well as having secured a number of long-term partnerships, obtaining exclusive recording rights for the creation and distribution of VR content across a total of 64 worldwide event properties and music venues. Further information can be viewed at www.evrholdings.com