EVR teams up with Ibiza Rocks

29th Oct 2018 10:08

(Sharecast News) - EVR Holdings has linked up with hotel and entertainment outfit Ibiza Rocks as part of a new commercial initiative.EVR will create and distribute several branded VR videos across its MelodyVR platform under the sponsorship and content production agreement.The virtual reality content creator will also piece together physical and immersive installations for Ibiza Rocks' European properties.The duo vowed to do their best to promote one another's brand as part of the agreement. MelodyVR will promote Ibiza Rocks to app users and social media followers, while Ibiza Rocks will push EVR's platform as part of its own promotional campaigns.Ibiza Rocks were also granted the option to subscribe for 6m new EVR shares at 5.5p apiece over the next five years.EVR stated the "material contract" would make a contribution to its revenues, putting it on track to reach market expectations.Executive chairman Anthony Matchett said: "In addition to our core strategy of the monetisation and distribution of VR content to music fans globally via the MelodyVR platform, strategic partnerships, sponsorship agreements and branded content opportunities have the potential to increase revenue generation and drive MelodyVR brand awareness."As of 1000 BST, EVR shares had slipped 0.76% to 5.21p.