EVR Holdings to create virtual reality content for Warner Music

22nd Dec 2016 08:20

(ShareCast News) - Shares soared in EVR Holdings as it announced that will produce virtual reality content for Warner Music, the world's third largest records company, which will also subscribe for 43.2m shares.The AIM-listed company, through its subsidiary, MelodayVR, will is to create and distribute virtual reality content featuring Warner's music artists, which include Coldplay, Beyonce and Rihanna.MelodyVR will distribute both live and pre-recorded content created with artists through its music platform for a period of time, followed by a period of joint-exploitation by both companies.Anthony Matchett, chief executive 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 ... 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."Warner Music, which owns and operates a number of record labels including, Atlantic, Parlophone and Warner Bros Records and last year generated digital sales of $1.24bn, has also been given an entitlement to subscribe for 43.2m EVR shares, exercisable until the five years from Thursday at a price of 4.25p.Matchetts added: "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."Shares in EVR Holdings were up 25.28% to 4.17p at 0850 GMT.