EVR Holdings (LSE:EVRH) sat at 5.7p this morning after broadcasting its first-ever virtual reality (VR) gig. The business streamed a concert by One Direction’s Liam Payne to 36 countries through its MelodyVR platform and Facebook Live.
MelodyVR simulates the experience of being at a concert and allows fans to buy digital tickets to sold-out, real-world events. EVR said it is now looking to deliver further live broadcasts via individual or packaged VR purchases shortly.
Anthony Matchett, executive chairman of EVR Holdings, said: ‘This landmark event is the culmination of an extremely productive and successful 2018, and signals the start of numerous, exciting new initiatives which will take place throughout 2019. The quality and realism of the experience has delighted users and I’m thrilled by the positive response that MelodyVR has received for this event, as well as the significant demand fans have shown for our exclusive content, on a global basis.
‘It has been a pleasure to work with Liam Payne on this first-of-its-kind broadcast and I look forward to working with both Liam, as well as other artists throughout the next year and beyond, to create and distribute revolutionary content.’
The news tops off a busy year for EVR Holdings that has seen the business announce many deals. In August, the firm signed a multi-year agreement with Sony/ATB Music Publishing Europe. This allows it to distribute the label’s music library via MelodyVR. Sony/ATV owns the rights to more than three million songs by artists such as The Beatles and The Rolling Stones.
The company has also entered agreements with Ansco Arena Limited, operator of the O2 arena London, NEC Group and Alexandra Palace.
However, its shares have fallen off a cliff since April, when it launched MelodyVR and announce a £20m fundraise to support the platform’s growth. As we have written before, this weakness may present an attractive buying opportunity for those who believe in VR’s prospects over the coming years.