MelodyVR Reports $14.7M Losss

Virtual-reality music startup MelodyVR has reported a loss of $14.7 million on revenues of $1,6 million in 2018. It was the first full year that its signature app was available.

The company promised to focus more future efforts on mobile in addition to standalone headsets.

“While VR device adoption continues to build, we will focus on our mobile strategy to extend the reach of our music content library to the 1 billion plus smartphone devices around the world,” said Executive Chairman Anthony Matchett. “Where others have scaled operations in anticipation of mass market appeal, our measured expansion has allowed us to conserve valuable cash resources, preserve agility and capitalise on our first mover advantage in this young and embryonic industry.”