Publicly traded music company Vinyl Group acquires Serenade digital and physical collections in up to $1.6 million equity deal

Australian listed music company Vinyl Group has acquired the assets of London-based Serenade, a platform focused on digital and physical collectibles, in an equity deal valued at up to $1.6 million. Vinyl Group CEO Josh Simons said the company launched its own site last year, designed to replicate the experience of "crate-digging" in digital form. The acquisition marks the company's expansion into the UK and European markets, while strengthening its offering in the digital collectibles space. "Our plan has always been to expand Vinyl.com's offering to include music merchandise, digital collectibles, and experiences that connect fans and creators, and the acquisition of Serenade is the next step in that process," Simons said. Under the terms of the agreement, Vinyl has paid $553,000 upfront for equity, with an additional $1 million contingent on revenue and profitability targets. (Decrypt)