London Friday. October 4, 2024 – Australian music tech company Vinyl Group has officially agreed to acquire London-based Web3 start-up Serenade, a platform specializing in digital collectibles. The acquisition, valued at AUS $800,000 (US$554,700) upfront, includes a performance-based payment of an additional AUS $1.5 million (US$1 million) in shares. This contingent payment is tied to Serenade meeting a revenue target of AUS $4 million and earnings of AUS $500,000 within 12 months post-completion.
Serenade has earned recognition for its innovative digital marketplace, partnering with global artists such as Liam and Noel Gallagher, Muse, Sum 41, and Thirty Seconds to Mars. The platform’s NFC-enabled Smart Formats, launched in January 2024, have driven 56% month-over-month sales growth, with more than 12,000 units sold in the first half of this year.
Serenade also boasts collaborations with over 100 record labels, including Warner Music Group and Beggars Group, cementing its leadership in the Web3 space. CEO Max Shand will remain with the company under a full-time contract with Vinyl Group.
This acquisition marks a significant step for Vinyl Group as it aims to expand its presence in the digital collectibles market and explore opportunities in entertainment sectors beyond music.
