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MelodyVR losses deepen on higher expenses
StockMarketWire.com
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Virtual reality content provider MelodyVR posted a deeper first-half loss as expenses more than offset a small rise in sales.
Pre-tax losses for the six months through June amounted to £10.7 million, compared to losses of £7.1 million year-on-year.
Revenue rose to a comparatively modest £0.19 million, up from £0.13 million.
The company, which recently agreed to acquire Napster-owner Rhapsody International, said expenses included payments to rights holders and content capture costs, including the creation of its Live in LA studio.
Completion of the Rhapsody transaction was dependent upon securing additional funds to secure working capital requirements going forward.
'With scale and global presence, we will have the opportunity to further extend awareness of our immersive offerings and attract partners who see real value in a differentiated offering,' MelodyVR said.
'We believe our relationships with Live Nation, Ticketmaster, Good Morning America amongst others will provide significant opportunities for content capture which in turn will fuel the benefits of our differentiation.'
'New devices and enhanced connectivity will allow more fans from more territories to engage with our platform with the resultant scale delivering growth and a drive towards profitability as an enlarged group.'
'We are confident that our vision for the future will meet the expectations of our fans and shareholders alike.'
Story provided by StockMarketWire.com
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