EVR Holdings PLC Sony Music signs agreement with MelodyVR (1855L)
17 July 2017 - 4:00PM
UK Regulatory
TIDMEVRH
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 GBP0.01 shares in EVR Holdings PLC, exercisable
until the 5(th) 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 Tel: +44 (0) 20 7457
Executive Officer 2020
Sebastian Theron, Chief www.evrholdings.com
Financial Officer
Zeus Capital Limited (Nominated Adviser
and Broker)
Phil Walker / Andrew Jones (Corporate Finance) Tel: +44 (0) 203 829
5000
John Goold / Benjamin Robertson (Sales & www.zeuscapital.co.uk
Broking)
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
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