Vinyl Group Acquires Serenade Assets in $1.6 Million Equity Deal

According to Odaily, Australian-listed music company Vinyl Group has acquired the assets of London-based platform Serenade in an equity deal worth up to $1.6 million. Serenade specializes in digital and physical collectibles. Vinyl Group's CEO, Josh Simons, stated that the company launched its own website last year to replicate the 'crate-digging' experience in digital form. This acquisition marks Vinyl Group's expansion into the UK and European markets while enhancing its offerings in the digital collectibles sector. Simons emphasized that the company's plan has always been to broaden the scope of Vinyl.com to include music merchandise, digital collectibles, and experiences that connect fans with creators. The acquisition of Serenade is seen as a significant step in this direction. Under the terms of the agreement, Vinyl Group has prepaid $553,000 in equity, with an additional $1 million contingent on revenue and profit targets.