MelodyVR’s 2019: £195k of revenues and a £15m net loss
Posted on: 1 juillet 2020, by : Stuart Dredge

Virtual reality music startup MelodyVR has published its financial results for 2019. The company’s revenues were £195k ($242k) last year, down from £1.2m in 2018.
MelodyVR’s content sales – people paying to watch VR music performances in its catalogue – nearly doubled from £19k to £36.7k, but its revenue from content licensing dropped from just under £1.2m to £158.3k.
With a cost of sales of £1.8m and administrative expenses of £14.2m, MelodyVR reported an operating loss of £15.9m in 2019, and a net loss of just under £15m.
It ended the year with cash reserves of £6.8m, although it has since raised another £10.3m from the sale of shares (it’s a publicly-listed company) to ensure that in accountancy parlance, it’s a ‘going concern’.  Whether MelodyVR’s revenues can ramp up fast enough this year to make that still true in 2021 remains to be seen.
The post MelodyVR’s 2019: £195k of revenues and a £15m net loss appeared first on Music Ally.
Source: Music ally

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