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EVR Holdings PLC   -  EVRH   

MelodyVR signs five music licensing agreements

Released 07:00 10-Aug-2017

RNS Number : 5937N
EVR Holdings PLC
10 August 2017
 


10th August 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')

 

MelodyVR signs five music licensing, collection and distribution agreements with European Rights Holders licensing MelodyVR for content distribution throughout Germany, The United Kingdom, Ireland, The Netherlands, Sweden, Greece, Belgium and Switzerland.

 

EVR Holdings plc (AIM: EVRH), the leading creator of virtual reality music content, is pleased to announce that its subsidiary MelodyVR Ltd ('MelodyVR') has entered into 5 music licensing, collection and distribution agreements with European rights holders. Agreements with music publishers, collection societies and performance rights organizations are vital for the exploitation of the underlying musical works (e.g. Songwriter copyrights) featured throughout MelodyVR's substantial library of original VR music content. The agreements, which the Company believes are the first deals to license a virtual reality music service, cover rights in the following territories: Germany, The United Kingdom, Ireland, Sweden, Greece, Belgium, The Netherlands and Switzerland.

 

The agreements are with:

1. International Copyright Enterprise Services Limited ("ICE"), covering:

·     Society for musical performing and mechanical reproduction rights ("GEMA")

·     Mechanical-Copyright Protection Society Limited ("MCPS")

·     Performing Right Society Limited ("PRS")

·     Swedish Songwriters International Music bureau ("STIM")

2. Hellenic Society for the Protection of Intellectual Property ("AEPI")

3. The Buma Association and The Stemra Foundation ("BUMA/STEMRA")

 

4. The Belgian Society of Authors, Composers and Publishers ("SABAM")

5. Cooperative Society of Music Authors and Publishers ("SUISA")

In advance of the launch of the MelodyVR platform, the multi-year agreements license the distribution of Virtual Reality content and enhance MelodyVR's capabilities with respect to the exploitation of its extensive library of content across strategically important European territories.

 

Anthony Matchett, CEO of EVR Holdings, said: "Over the last eight months MelodyVR has signed global partnerships with Warner Music Group, Universal Music Group and Sony Music which position MelodyVR as the only VR music platform to be licensed by all three of the world's major record labels, which is a significant achievement.

 

"Alongside these label agreements (that represent the artists and their music directly), agreements with publishers and collection societies are necessary for the exploitation of the underlying music works (e.g songwriter copyrights) featured throughout our substantial content library. This latest tranche of first of their kind agreements license MelodyVR across a number of major European territories, namely the UK, Germany, Ireland, The Netherlands, Sweden, Greece, Belgium and Switzerland.

 

"Although the music licensing landscape is a particularly complex environment, maintaining all of the necessary rights required for content distribution and monetisation ensures that our company is uniquely positioned to benefit from the increasing consumer demand for VR entertainment content - a position that we consider to be highly enviable considering the projected adoption rate of VR devices and our market leading position as the only licensed VR music platform.

 

"At present, there are approximately 12 million VR devices in circulation, an increase of 1,000% since August last year. By Christmas 2017 we expect between 20-30 million devices in consumer hands and by the end of 2020, as device prices continue to fall and device quality continues to increase, we expect over 220 million devices to have reached consumers. It is our goal to demonstrate that virtual reality content can provide a new and sizeable revenue stream for the music industry, generating billions of dollars in revenue for labels, artists, songwriters, event promoters and hardware manufacturers alike."

 

- Ends -

 

For further information please contact:

 

EVR Holdings plc


Anthony Matchett, Chief Executive Officer

Tel: +44 (0) 203 287 8717      

Sebastian Theron, Chief Financial Officer

 

www.evrholdings.com      


www.MelodyVR.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

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 and www.melodyvr.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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MelodyVR signs five music licensing agreements - RNS