Broadway-musicals firm the John Gore Organisation (JGO) is expanding its investment in music-VR startup MelodyVR, spending $1m to increase its stake in the company to just under 8.4%. This represents JGO (or rather, John Gore Bahamas Ltd, a related company) partially exercising an option to buy more shares in MelodyVR, following the two companies’ announcement of plans for a joint venture for VR Broadway theatre content in June 2019.
According to MelodyVR’s announcement to the financial markets this morning, the share-option exercise values the company at around £220m ($288m). In its first full set of financial results, published last May for 2018, MelodyVR reported annual revenues of £1.2m and a net loss of £11.3m. It went on to report revenues of £128.4k and a net loss of £7.1m in the first half of 2019, and announced plans to shift its business from a la carte sales of VR-music experiences to a subscription model.
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