MelodyVR’s executive chairman Anthony Matchett remains optimistic despite the live music virtual-reality creator reporting net losses of £11.3m (€13m/$14.7m) in 2018.

The start-up, a subsidiary of EVR Holdings that allows users to experience live concerts and festivals in VR through the Oculus platform, saw revenues of £1.2m in its first full year since releasing its app last May.

The virtual reality music content creator has partnerships across the music industry, including major and independent labels, publishers and venues and has teamed up with a huge array of international artists to build a library of immersive and interactive virtual reality music experiences.

Matchett said its inaugural livestream event in December with Liam Payne showed “illustrated significant consumer appetite” for what MelodyVR can provide. The London event, however, only saw 127,000 views after being broadcast live to 36 countries.

The company has also held events with Mabel, Post Malone, Macklemore, Wiz Khalifa and more.

Matchett added that the firm is planning to “extend the reach and accessibility” of its offering beyond VR headsets alone. He said: “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.”

In March, MelodyVR confirmed The Streets as one of the five new concerts it has released into its virtual reality catalogue. The other four include Thomas Rhett, Rudimental, Calum Scott and The Horrors.

Image: Pxhere