MelodyVR Reports $14.7M Net Loss In 2018
The company reported revenues of roughly $1.6 million for the full year, and net losses of $14.7 million.
Music-based virtual reality startup MelodyVR has published its financial results for 2018, the first full year since releasing their app last May.
The company reported revenues of £1.2 million (roughly $1.6 million) for the full year, and net losses of £11.3 million ($14.7 million) — a blow for the startup, a subsidiary of EVR Holdings which lets users experience live concerts and festivals in VR through the Oculus platform.
Over the year, MelodyVR raised £20 million ($26 million) by issuing new shares, capping off the year with cash reserves of £19.3 million ($25 million).
The filing also notes that MelodyVR snagged Liam Payne for its inaugural livestream event in December 2018, but the London-held event — which was broadcast live to 36 countries — has racked up a little over 127,000 views.
Still, executive chairman Anthony Matchett remains optimistic, noting in the filing that the Payne show “illustrated significant consumer appetite” for what MelodyVR can provide. MelodyVR has also held events with Mabel, Post Malone, Macklemore, Wiz Khalifa and more.
Matchett goes on to explain that the company intends to “extend the reach and accessibility” of its offering beyond VR headsets alone. “While VR device adoption continues to build, we will focus on our mobile strategy to extend the reach of our music content library to the 1 billion plus smartphone devices around the world,” he continues.
Plans for 2019 also include new advertising products and mobile apps, along with an updated website.
MelodyVR’s financials roll in as the buzz around virtual and augmented reality systems — and their potential applications to the live music industry — continues to build. Late last year, electronic music star Jean-Michel Jarre teamed with another tech company, TheWaveVR, to take his live shows into the virtual realm; Muse recently partnered with Microsoft for the band’s Simulation Theory world tour.