Sony Music is the latest label group to enter into a licensing agreement with virtual reality startup MelodyVR. Under the terms of the deal, announced Monday, MelodyVR receives the right to produce and distribute VR content by Sony's roster of artists for its upcoming app. As with previous deals, most recently with Universal Music Group, announced in March, the content will initially be available on MelodyVR before it is released to both parties.

Anthony Matchett, the CEO of MelodyVR's parent EVR Holdings, said the completion of negotiations with all three majors -- Warner Music paved the way, in December 2016 -- provides "significant validation in regard to our market leading position, our on-going success and the long-term value of our business," adding that it "positions our company as the world’s only fully licensed VR music platform."

Matchett added that with label agreements completed, "our focus is to expand upon the distribution network for the MelodyVR app and to increase the size and scale of our potential consumer base at launch."

MelodyVR recently announced a global partnership with Microsoft that will make its content available to over 500 million Windows 10 consumers and the company said it is seeking agreements with many key players in VR, including Facebook, Google, HTC and Sony PlayStation.

As part of its deal with MelodyVR, Sony Music has the right to purchase up to 43 million ordinary shares of EVR, at a price of 14.2p, for the next five years.