MelodyVR, the leading creator of virtual reality content focused on the music industry and subsidiary of EVR Holdings Plc (LON:EVR), this morning announces that it has entered into a VR Content Production and Distribution Agreement and Binding Term Sheet with Roc Nation, the entertainment company owned by Jay-Z. Roc Nation provides a full suite of services for its diverse roster of talent, including artist management, music publishing, touring, production and strategic brand development.
The worldwide, multi-year agreements license the creation and distribution of VR content featuring Roc Nation’s artists, covering both record label and publishing rights. As part of the relationship, MelodyVR will receive the right to create and distribute content created with Roc Nation artists for an exclusive period, followed by a period of joint-exploitation by both parties.
Roc Nation was founded in 2008 by Shawn Carter, professionally known as Jay-Z, and operates over numerous aspects of modern entertainment including recording artists and producers, songwriters and athletes. Their client list includes globally recognizable names such as DJ Khaled, Kaskade, Rihanna, Romeo Santos and Shakira.
Agreements with music rights holders are necessary for the commercial exploitation and distribution of VR content. Without licensing agreements and partnerships, the company would be unable to monetize or distribute VR assets. This partnership builds on MelodyVR’s partnerships with the three major record labels, Warner Music Group, Universal Music Group and Sony Music Entertainment.
In advance of the launch of the MelodyVR platform, the agreement with Roc Nation strengthens MelodyVR’s market leading position as the world’s only licensed VR music platform and ability to distribute and monetise VR music content, given the projected adoption rate of VR devices. Following 4m VR device sales in 2016, c.12m devices were in circulation by August 2017. Over the next 3 years, the VR market is expected to grow significantly, with c.30m devices in circulation expected by the end of 2017, increasing to c.72m by the end of 2018, and c.350m by the end of 2020. Digi-Capital estimates that VR revenues will reach c.$108bn by 2021. MelodyVR intends to launch the app to benefit from the significant sales of VR devices anticipated over the forthcoming holiday period. Content is crucial for monetisation and MelodyVR is well positioned to deliver VR content for the music industry that could generate billions of dollars in revenue for labels, artists, songwriters, event promoters and hardware manufactures alike.
Anthony Matchett, CEO of EVR Holdings, said: “Roc Nation is one of the world’s most prolific entertainment companies and we look forward to creating content with their outstanding roster of talent. As we continue to push the boundaries of immersive entertainment, we look forward to working closely with Roc Nation and their artists.”
