EVR Holdings PLC COVID-19 Strategy Update (5360G)
18 Marzo 2020 - 8:00AM
UK Regulatory
TIDMEVRH
RNS Number : 5360G
EVR Holdings PLC
18 March 2020
EVR Holdings plc
("EVR" or the "Company")
COVID-19 Strategy Update
EVR Holdings plc (AIM:EVRH), the leading creator of virtual
reality entertainment content and operator of the MelodyVR
platform, in conjunction with several of its key strategic partners
seeks to announce a number of new initiatives to provide continuing
access to live entertainment for music fans throughout this period
of disruption and mitigate the inevitable impact of event
cancellations and postponements resulting from the COVID-19
pandemic.
MelodyVR's technology was originally created to enhance the live
experience for music fans around the world who were unable to
access performances either as a result of their location, age, cost
of attendance or ticket availability. The restriction of both mass
gatherings of the general public and international travel has
already begun to adversely impact the global music industry and
whilst our vision was never to act as a replacement to live events,
we believe that our technology affords fans the closest possible
opportunity of experiencing the next best thing to actually being
at a venue or show, without physically being present. We have not
sought to actively capitalise on the events of the last few weeks,
yet having experienced a 56% increase in average sales over the
course of the last 7 days we anticipate this trend of MelodyVR
platform usage to continue.
As the number of event cancellations continue to rise in
combination with increasing global travel and quarantine
restrictions, we fully expect a number of key events from our
forthcoming pre-agreed and unannounced live event and festival
schedule for 2020 to be postponed or reorganised for later in the
year. In the interim, we will continue to monitor events and work
closely with our partners such as record labels, music managers and
event promoters as we develop alternative opportunities such as
closed or small-scale performances delivered live in real-time via
the MelodyVR platform or made available as recorded content
on-demand.
In recent statements we have referenced the development of our
own MelodyVR viewer and our intentions to make this device more
widely available to the consumer market. To date, over 1,000 units
have been made available to our strategic partners for initial
evaluation and review, in advance of the product's wider
launch.
Whilst the distribution of our viewer is peripheral to our core
strategic direction, we continue to believe in its value to enhance
awareness and facilitate immersive VR experiences in conjunction
with other VR headset offerings and our own mobile app. In the
meantime, our distribution function remains operational and we
continue to remain able to service forthcoming consumer demand from
our inventory at an appropriate time.
Our music content remains accessible in 14 countries and whilst
we intend to extend availability to new territories including both
Latin America and the Asia Pacific regions, before doing so we must
ensure that our offering addresses the specific language and local
content challenges of these new markets.
Moreover, given the current global challenges outlined above, we
have decided to place MelodyVR's expansion in to both Latin America
and the Asia Pacific region on-hold for the time being.
We intend on providing our shareholders with more information on
the aforementioned music initiatives in the near future, and will
provide a more detailed trading update in conjunction with the
release of our annual results for the year ended 31 December 2019
over the coming weeks.
For further information please contact:
EVR Holdings plc
Anthony Matchett, Executive Chairman & CEO
email@evrholdings.com
Arden Partners plc: Nominated Advisor and Sole Broker Tel: +44
(0) 20 7614 5900
Corporate Finance: Ciaran Walsh / Ruari McGirr / Ben Cryer
Corporate Broking: Simon Johnson
About MelodyVR:
MelodyVR launched in 2018 with a simple mandate: not to replace
the live experience, but to harness the power of virtual reality to
get people closer to the music they love.
By using VR technology, the founders realised that they could
place fans in the crowd or on -stage with their favourite musicians
at live events. From epic stadium shows to intimate studio
performances, the possibilities are endless; capacity restrictions
are eliminated, music fans can attend otherwise sold-out dates, and
the barriers (distance, age, cost, access) that might keep people
from experiencing their heroes live are swept away. The result?
Artists can reach more fans than ever before with a level of
intimacy which has previously not been possible.
MelodyVR is the only licensed VR music platform and has the
world's largest library of exclusive immersive and interactive
music experiences from the likes of Post Malone, Blake Shelton, Wiz
Khalifa, Kelly Clarkson, Niall Horan, Fall Out Boy and Imagine
Dragons.
Available on smartphones and VR headsets, the MelodyVR app can
be downloaded at
on.melodyvr.com/App
www.melodyvr.com @melodyvirtual
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END
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