Oculus Go celebrated its first birthday this week, which means a bunch of VR apps did too. One such app is MelodyVR, a music platform that offers immersive concert experiences. The platform initially caught headlines for allegedly attracting significant investors such as British pop star, Adele. But, after its first year on the market, MelodyVR just reported an overall loss.
EVR Holdings, the company behind MelodyVR posted its financial results for the year ending December 31 2018 on the London Stock Exchange yesterday. Overall it saw an operating loss of £11.3 million (about $14.7 million). The company said this was a result of “increased investment in people and operating capabilities”. Revenues in 2018 totaled £1.2 million (about $1.5 million).
All that said, EVR also confirmed that it raised £20 million ($26 million) over the course of the year and, as of last year, it “had cash and cash equivalents in excess of £19 million [$24.7 million] for future expansion and development.”
MelodyVR offers a wide range of 360 degree videos filmed at concerts. You can choose from a number of different angles to watch from, including joining artists on stage. Current artists on the platform include The Streets, Rudimental and The Kooks.
In light of the report, EVR noted it would now focus on its mobile strategy as VR continues to grow. Last year MelodyVR hosted its first ever livestream featuring One Direction’s Liam Payne. Tellingly, of the 127,000 views the concert has had to date, the “majority” were via the Facebook 360 platform, and now in VR.
But don’t expect to see MelodyVR disappear from VR platforms. Back in January we reported that the company was planning to bring the service to another Oculus headset, which could very well be Oculus Quest.