EVR Holdings agrees to make VR content for Sony Music

Under the agreement, MelodyVR will receive the right to produce and distribute VR content created by Sony Music artists, with content available initially on MelodyVR and then jointly by both parties.

As part of the deal, Sony Music can at any time in the next five years buy up to 43m EVR shares at a price of 14.2p.

EVR chief executive Anthony Matchett said recent deals with other record companies made MelodyVR the world's only fully licensed VR music platform: "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."

He said the focus now was to expand upon the distribution network for the MelodyVR app and to increase the size and scale of its potential consumer base at launch.

A partnership with Microsoft will see MelodyVR made available to over 500m Windows 10 consumers and Matchett plans to enter into further agreements with leading VR hardware and smartphone manufacturers such as Facebook, Samsung, Google, HTC and Sony PlayStation amongst others.