Microsoft deal nets music entrepreneurs £2m windfall

ENTREPRENEURS behind an app that lets music fans watch sold-out concerts in virtual reality made almost £2m after revealing a tie-up with Microsoft.

London-based MelodyVR’s partnership with the US tech giant cheered investors and sent shares in its parent company, EVR Holdings, soaring by 5.8pc yesterday. Micro- soft, which is developing virtual reality software, will promote the firm’s app on its Windows devices.

The app – still in the testing stage – sells virtual tickets to music performances, allowing users to watch 360-degree videos through a headset.

Shares in EVR Holdings rose by 0.5p to 9.12p on news of the deal with Microsoft, netting MelodyVR founders Anthony Matchett, 29, and Steven Hancock, 34, about £1.97m.

The pair control 38pc of the AIM-listed company, with Matchett’s 21pc stake earning him £1m. A recent PwC study said the virtual reality market would be worth £801m to the UK by 2021 – a 76pc rise.