MelodyVR might have begun as a startup looking to connect virtual reality (VR) users with their favourite music artists, providing immersive concert experiences, but the company has rapidly expanded its vision. After announcing the planned acquisition of Napster in 2020, that process has now been completed with MelodyVR planning to rebrand to Napster Group.
That acquisition saw MelodyVR purchase Napster for $70 million USD (£53m GBP) and as the latter is far more well known its name will be adopted – finalised later this month in a shareholder vote.
“Having recently completed the acquisition of Napster/Rhapsody, we have taken the decision to rename our parent company to Napster Group PLC. Given our objectives for the year ahead, which includes the launch of a new Napster branded music platform, we believe that renaming our Company will provide for greater global recognition of our business across both
corporate and commercial channels,” said Anthony Matchett Group CEO in a statement
The group has plenty of plans to expand its presence as the go-to live music streaming service. The main one is the development of a new mobile app which will launch in Q4 2021. It’ll provide both streamed music and the immersive live music shows the company is known for. To aid these plans it’ll debut on the London stock market during February and has already raised a new investment of £6.48m ($8.9m) by issuing Loan Notes.
Commenting on the last 12 months as well as the upcoming year, MelodyVR co-founder and chief relationship officer, Steve Hancock told Access All Areas: “We grew exponentially during 2020 but, Covid aside, it was a year we were expecting to see a lot of growth from what we had planned in the live-live streaming space.
“I don’t see, unfortunately, the vaccine giving us a quick switch back to a 100,000 people in a field,” he continued. “Live stream with the physical attendance is what I think the future will look like. I think a physical tour model will be very heavily supplemented with live digital ticketing revenue be it 360 or 2D.”
MelodyVR has featured artists like Bebe Rexha, Wiz Khalifa, Imagine Dragons and Cypress Hill, with the app currently available for Oculus Quest and Oculus Go as well as on mobile. For further updates keep reading VRFocus.