Virtual-reality music startup MelodyVR is seeing a silver lining in the coronavirus outbreak – its content sales are up – but it’s also forcing a pause in the company’s global expansion plans.
On the first of those: “We have not sought to actively capitalise on the events of the last few weeks, yet having experienced a 56% increase in average sales over the course of the last 7 days we anticipate this trend of MelodyVR platform usage to continue,” explained MelodyVR in an announcement to the financial markets this morning. However, it also acknowledged that a number of the concerts and festivals that it planned to film and broadcast in VR this year are likely to be postponed or reorganised.
As for the expansion: “Our music content remains accessible in 14 countries and whilst we intend to extend availability to new territories including both Latin America and the Asia Pacific regions, before doing so we must ensure that our offering addresses the specific language and local content challenges of these new markets,” said the company. “Moreover, given the current global challenges outlined above, we have decided to place MelodyVR’s expansion in to both Latin America and the Asia Pacific region on-hold for the time being.”