Vinyl Group now has a fourth pillar.
Following the completion of its acquisition of The Brag Media, the Sydney-based music and tech specialist doubles-down on its mission to construct income and combine its new asset.
As beforehand reported, the transaction is funded with a brand new funding by billionaire WiseTech International founder and CEO Richard White, by means of an A$11 million ($7.5 million) placement and debt facility, uniting the one music specialist firm listed on the Australian Securities Alternate (ASX) with the market chief in premium youth content material and occasions.
“Our actual mission or imaginative and prescient that all of us have within the firm is to empower and energy all aspects and components of the music ecosystem,” Vinyl Group CEO Josh Simons tells Billboard.
When the group, beforehand often known as Jaxsta, previous to a rebrand in early December, noticed a chance with The Brag Media, “we additionally knew that the corporate was going to evolve into extra of a portfolio music firm,” Simons continues.
Previous to the acquisition, Vinyl Group’s portfolio was constructed on the three pillars of its music credit enterprise Jaxsta; the main music business social-professional community and expertise market Vampr; and Vinyl.com, the web report retailer. The Brag Media, with its vary of titles together with Rolling Stone AU/NZ, Selection Australia, Tone Deaf and commerce title The Music Community, is its fourth pillar.
Vinyl.com is a “very quick rising ecommerce platform, it speaks to the fan,” Simons continues, “however an enormous a part of connecting the dots right here is connecting followers as creators, and media and occasions and every part that The Brag does, fills that hole.” When the chance got here throughout the desk, and “after we knew what path they had been boldly headed in, it made a variety of sense and bought us excited in a short time.”
The amalgamation of each enterprise presents “some actually apparent low hanging synergies,” he explains, pointing to gross sales synergies between Vampr and The Brag Media as one instance, “however broadly talking, it plugged a gap on this broader flywheel of servicing all contributors within the music ecosystem.”
Individuals, product and course of – “that’s actually all the time my focus,” explains Simons.
The co-founder of Vampr, Simons was elevated from chief technique officer to CEO in June 2023, succeeding Beth Appleton, who stepped down as CEO with instant impact.
“Income, price effectivity and profitability stay the highest priorities for Jaxsta,” Simons commented at the time of his ascension, “and I sit up for constructing on the present momentum.”
The agenda stays the identical.
“The headline KPI was 4 quarters of consecutive income development and shifting in the direction of profitability,” Simons says. “Underneath my tenure, we’ve launched three quarters of efficiency. And in every quarter, we’ve averaged 204%, quarter over quarter.” The Brag deal “turbo prices that”.
The completion of the acquisition was confirmed with a press release Feb. 1, when inventory was buying and selling at $0.063. On the shut of buying and selling immediately (Feb. 8), VNL inventory was buying and selling at $0.066, for a market cap of $41.73 million.
Previous to the deal going by means of, The Brag Media bolstered its government group with a triumvirate of appointments. Dane Robertson returned to the corporate within the newly-created position as head of consumer and occasion partnerships in Australia and New Zealand, following a stretch at media agency Pedestrian Group. Additionally, Denise Barnes joined as consumer initiatives director following six-plus years with life-style website Man of Many, most just lately as head of branded content material, and Anan Salvarinas joined the group as senior artistic strategist, following two-and-a-half years with LADbible Australia, together with a latest run as senior artistic (model).
This yr is an “essential” one for the enterprise “as we give attention to integrating The Brag Media into Vinyl Group’s properties in addition to continued robust development of our know-how merchandise,” explains Simons within the Feb. 1 assertion to the ASX. “We now have a really clear path to profitability.”
Supply hyperlink