Vinyl Finalizes Deal to Acquire London-Based Crypto Collectible Company

In a move praised by several experts, Vinyl Group, an Australia-based music tech company, announced that it has completed paperwork to acquire the assets of Serenade. As the only music company listed in Australia, Vinyl appears to be breaking into audiences resident in the European Union to expand its market reach. The acquisition costs Vinyl about $1.6 million in total. Serenade is a Web3 company specialized in collectibles, both in digital and physical forms. With this acquisition, the leadership of Vinyl Group believes that the company can improve the range of its services and as well maximize opportunities offered by the European market. 

Josh Simons, the Chief Executive Officer of Vinyl, explains the move to acquire Serenade drew Vinyl closer to its ambition to bridge the gap between creators and enthusiasts. Now, the company can create desirable experiences for customers via music merchandise and collectibles in digital form. 

The acquisition came in its own peculiarity, seeing Serenade receive shares worth $533,000 while a balance of $1,000,000 will be paid when the acquired company generates a target revenue. As outlined in the payment plan, the companies are expected to generate about $2.7 million worth of revenue and earnings worth $345,000. These figures are expected to be the gross revenue and earnings before taxes and interest are deducted. Serenade holds a reputation for working with several artists across the globe as well as some notable record labels such as Beggars Group and Warner Music Group. 

Serenade’s crypto-reliant mode of operations adds futuristic viability to the acquisition. Operating on Polygon’s blockchain framework, the company, which uses NFC-enabled Smart Formats to attach a digital value to physical assets, claims it has experienced tangible growth in its sales for months since it opened in January. As part of the agreement, the CEO of Serenade, Max Shand will become a full-time member of staff in the Vinyl Group. A day after the announcement of the deal, Vinyl’s shares rose by 8%.