According to the CoinWorld news, Australian listed music company Vinyl Group has acquired the assets of London Serenade, a platform focusing on digital and physical collectibles, in an equity transaction worth up to US$1.6 million.
Vinyl Group CEO Josh Simons said the company launched its website last year in an effort to replicate the “crate-digging” experience 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 offerings 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 in equity upfront, with an additional $1 million contingent on revenue and profitability targets. (Decrypt)