MelodyVR have been bringing virtual reality (VR) music experiences to users since earlier this year and now the company have revealed it’s early metrics which are ‘extremely encouraging’. The recently published figures for the first half of 2018 show how the company is getting on but also lay the foundation of where the company hopes to go next.
“Our early metrics regarding user engagement and conversion rates are extremely encouraging and remain on track with management expectations; with over 72% of MelodyVR’s install base now having utilised the platform to consume our content” Reads the report published by MelodyVR.
Reported by musically, part of the reported it is revealed the MelodyVR recorded a net loss of just under £4.4 million (GBP) for the first half of 2018. This number reflects the costs of launching a service such as this and creating content for it. However, thanks recent funding rounds, the company was able to end June with a cash reserves of £26 million. This amount is to ensure the company has room for more than two years to build the business up and hopefully see a larger return.
The report also reveals that MelodyVR have signed a deal with Ansco Arena Limited, which runs The 02 venue in London to “share revenue from live-streamed and recorded VR content” on the MelodyVR platform. This new live-streaming offering will allow users a chance to watch live performances from globally recognised artists in partnership with a prominent global media channel.
“Users will be able to experience live VR content via the MelodyVR platform, by purchasing a virtual ticket. Given the partnerships already in place with the key stakeholders in the music industry, fans will subsequently be able to re-live these experiences at a later date, as part of our ever-broadening library of original content,” Explained CEO Anthony Matchett in the published report.
Following a possible reaction from the launch on the Oculus Go headset, the company is now looking to make its content available on Android and iOS through new apps. This will allow them to expand their reach beyond the ever-growing VR headset market and allow for more costumer engagement. As MelodyVR continues to grow, VRFocus will be sure to bring you all the latest from the company in the future so stay tuned for more.