Vinyl Group Enters Agreement to Acquire UK-Based Web3 Start-up Serenade

cryptonews.com:

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Australian music technology company, Vinyl Group, has agreed to acquire a London-based Web3 start-up specializing in digital collectables, Serenade.

This deal will allow ASX-listed Vinyl Group to take control of Serenade’s assets, including 100% of the shares in its UK subsidiary. The acquisition aims to increase Vinyl Group’s presence in the digital collectables space.

The acquisition terms include an upfront payment of AUS $800,000, (US$554,700) with an additional AUS$ 1.5 million (US$1 million) in shares to be paid to Serenade’s shareholders. This additional payment is contingent on the newly combined entity achieving a revenue target of AUS$4 million (US$2.77 million) and earnings before interest and taxes (EBIT) of AUS$500,000 (US$346,700) within the 12 months following the completion of the deal.

The web3 start-up has gained recognition for its digital marketplace, which has attracted major global artists such as Liam and Noel Gallagher, Muse, Sum 41, and Thirty Seconds to Mars.

Their NFC-enabled Smart Formats, launched in January 2024, have seen growth, with sales increasing 56% month-over-month (MoM) and over 12,000 units sold in the first half of this year.

Serenade also holds partnerships with over 100 record labels, including industry heavyweights like Warner Music Group, Beggars Group, and PIAS. These partnerships have helped firm up Serenade’s position as a leader in the Web3 space.

I’m thrilled to reveal that @VNLASX has purchased Web3 platform @joinserenade, a play that sees us double down on tech. Serenade CEO @max_shand will also join Vinyl