MelodyVR has entered into an agreement with a subsidiary of Universal Music Group to forge a deeper bond between music and virtual reality.
UMG, which owns and operates record labels including Capitol Records, Decca, Def Jam, EMI, Interscope, Island, Polydor, Republic and Virgin EMI, is a huge player in the music space and could introduce virtual reality to a new generation of jammers.
As for the deal itself, here’s what we can tell you. The agreement licenses the creation and distribution of Virtual Reality content featuring UMG’s artists.
Under the agreement, MelodyVR will receive the right to produce and distribute VR content created with Universal artists. Content created under the agreement will be available initially on MelodyVR, followed by a period of joint-exploitation by both parties. The companies will share the revenue generated from the commercialization of virtual reality content featuring Universal artists on the MelodyVR app.
Anthony Matchett, CEO of EVR Holdings (the parent company of MelodyVR), expressed excitement for the partnership.
“Our agreement with Universal Music Group is a significant milestone and achievement for our company,” Matchett says. “UMG is the world’s leading record company which owns and operates a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. UMG represents a significant number of the world’s most popular chart-topping artists and we look forward to working closely with UMG to create and distribute ground-breaking virtual reality content as well as to hosting UMG artists on the MelodyVR platform.”