22 Dec 2016 07:00
For Immediate Release 22 December 2016
EVR Holdings plc
('EVR' or the 'Company')
Warner Music Inc. signs global VR content and distribution agreement with MelodyVR and simultaneously receives entitlement to subscribe for 43,239,926 million shares in EVRH at 4.25p per share
Agreement further strengthens EVR's position at the forefront of global virtual reality content creation
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 signed a VR content creation and distribution agreement with Warner Music Inc. and WEA International Inc. (collectively, 'Warner'). Warner, one of the three largest record companies in the world, reported digital sales in 2015 of US$1.24 billion and owns and operates a number of successful record labels including Atlantic Records, Parlophone Records and Warner Bros. Records.
The framework agreement is intended to facilitate the creation and distribution of Virtual Reality content featuring Warner artists. As part of the relationship, MelodyVR will receive the right to distribute both live and pre-recorded content created with Warner artists via its music platform for an exclusive period, followed by a period of joint-exploitation by both parties.
The Company is also pleased to announce that Warner Music Inc. will, in addition, receive 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 4.25p.
The content and distribution agreement will enhance Melody's distribution capabilities with respect to its extensive content library.
Anthony Matchett, CEO of EVR Holdings, said: "Entering into a framework agreement with one of the world's leading rights holders in music is a significant milestone for MelodyVR and I'm delighted to announce that we've signed a virtual reality creation and distribution agreement with Warner. The agreement aims to streamline the creation and distribution of virtual reality content featuring Warner artists and also unlocks a substantial portion of our existing content library for commercial exploitation. Warner Music represents a number of the world's most recognised artists and over the coming years we are looking forward to creating even more content with their outstanding roster of talent. We believe that Warner's request to subscribe for 43,239,926 shares shows both their confidence and conviction in the enormous potential of virtual reality as well as in the long-term success of EVR Holdings and the MelodyVR platform. We look forward to working even more closely with Warner Music moving forwards. "
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For further information:
EVR Holdings plc |
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Sean Nicolson, Chairman | Tel: +44 (0) 20 7466 5000 | |
Anthony Matchett, Chief Executive Officer | www.EVRHoldings.com | |
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SPARK Advisory Partners Limited (Nominated Adviser) |
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Neil Baldwin / Sean Wyndham-Quin | Tel: +44 (0) 203 368 3550 | |
| www.sparkadvisorypartners.com | |
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Peterhouse Corporate Finance Limited (Broker) | Tel: +44 (0) 20 7469 0930 | |
Eran Zucker / Lucy Williams | www.pcorpfin.com | |
Media enquiries:
Buchanan |
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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 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.
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 58 worldwide event properties and music venues. Further information can be viewed at www.evrholdings.com