MelodyVR

About MelodyVR

MelodyVR, founded in London in 2015 by Anthony Matchett and Steven Hancock, was a virtual reality music platform designed to provide immersive concert experiences. Hancock’s background as a hospitality manager for the club Manumission in Ibiza and his subsequent venture, Zest Hospitality Group, gave him insights into the business potential of music experiences, which he applied to MelodyVR after selling his company in 2011 and joining forces with Matchett. The company developed proprietary technology to film live performances, offering fans unique vantage points, such as being on stage with the artists, through a dedicated app accessible on smartphones and VR headsets.

The business operated on a pay-per-view model, with events priced between £7 and £12, and was also moving toward a monthly subscription service. MelodyVR forged crucial partnerships with major record labels, including Universal Music Group, Sony Music Entertainment, and Warner Music Group, to license content for its platform. This strategy allowed the company to create exclusive original content with a roster of over 850 artists.

A pivotal moment in the company's history was its acquisition of Napster (formerly Rhapsody) in August 2020 for approximately $70 million. The deal was structured with $15 million in cash, $11.6 million in MelodyVR stock, and the assumption of $44 million in payment obligations. Following the acquisition, MelodyVR announced its rebranding to Napster Group PLC in February 2021. The strategic goal was to merge MelodyVR's immersive visual content with Napster's established music streaming service, which at the end of 2020 had a user base of 5.7 million. This move aimed to create a comprehensive entertainment platform combining live performance VR with an extensive library of licensed audio tracks. However, the vision of a fully integrated platform did not materialize under this ownership. The company, then known as Napster, was later acquired by a consortium including Hivemind and Algorand in 2022, marking the end of the MelodyVR-led chapter.