Vinyl Group, an Australian music technology company, recently acquired London-based Web3 start-up Serenade in a deal that aims to boost the former’s presence in the digital collectables space. The acquisition includes an upfront payment of AUS$800,000 and an additional AUS$1.5 million in shares contingent on the combined entity achieving certain revenue targets. Serenade is known for its digital marketplace, which features major global artists like Liam and Noel Gallagher, Muse, and more. The start-up’s NFC-enabled Smart Formats have seen significant growth, with sales increasing 56% month-over-month and over 12,000 units sold in the first half of the year.
Serenade’s Marketplace offers unique digital collectables like Noel Gallagher’s “Digital Pressings” – digital albums, EPs, and singles that come with high-resolution music and bonus content. In addition to music, Serenade is exploring opportunities to expand into other entertainment sectors such as sports. The acquisition will see Serenade operating alongside Vinyl Group’s brand, Vinyl.com, with a focus on enhancing the profitability of the company’s fastest-growing division. Serenade’s CEO, Max Shand, will continue with the company under a full-time employment contract with Vinyl Group.
The acquisition of Serenade by Vinyl Group underscores the latter’s commitment to investing in Web3 technology and digital collectables. This strategic move will allow Vinyl Group to leverage Serenade’s expertise and partnerships with over 100 record labels, including industry giants like Warner Music Group and PIAS. With Serenade’s digital marketplace serving over 200 global artists, the acquisition aligns with Vinyl Group’s goal of supporting artists and audiences through innovative music products. The partnership between the two companies is expected to accelerate Serenade’s impact and drive growth in the digital collectables space.
Max Shand, CEO of Serenade, expressed his excitement about the acquisition, highlighting the shared vision between Serenade and Vinyl Group in supporting artists and audiences through exceptional music products. Shand’s statement reflects the optimism and potential for collaboration between the two companies in advancing their shared goals in the digital entertainment industry. The acquisition not only solidifies Vinyl Group’s position in the music technology sector but also opens up opportunities for diversification and expansion into new entertainment verticals, further enhancing the company’s competitive edge in the market.
As Vinyl Group consolidates its stake in the digital collectables market through the acquisition of Serenade, the company sets its sights on enhancing the profitability and growth prospects of its Web3 division. By integrating Serenade’s digital marketplace and expanding its offerings to include sports and other entertainment sectors, Vinyl Group aims to capitalize on the synergies between the two companies and unlock new revenue streams. With Serenade’s track record of working with top global artists and record labels, the acquisition positions Vinyl Group as a key player in the evolving landscape of digital collectables and Web3 technology.
