EVR Holdings subsidiary MelodyVR has signed a VR content creation and distribution agreement with Warner Music Inc and WEA International Inc.
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. Warner Music Inc will, in addition, receive an entitlement to subscribe for 43,239,926 ordinary shares in EVR Holdings, 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.
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