Vinyl Group Ltd has notched a powerful increase in revenue for the half year ending December 31, 2024, reporting a 770.2% increase to bring in $7.63 million compared to just $876,211 for the previous corresponding period (pcp).
The revenue increase was supported by three new acquisitions made during the reporting period, namely Mediaweek, Funkified Entertainment and Serenade Sound.
Those acquisitions are also why the company’s net loss increased by 44.6% to $6.89 million as Vinyl engaged in a flurry of acquisitions and operational expansions.
Vinyl Media division
The fresh acquisitions have been integrated under the newly formed Vinyl Media division, by which Vinyl intends to expand its presence in the music and media industries.
The move has been an economically sound one thus far, with the Vinyl Media division contributing $5.86 million in revenue and the remaining $1.76 million accounted for by the company’s e-commerce and technology platforms.
Vinyl’s market capitalisation has also markedly improved, more than tripling from $40 million at the start of the last financial year to $150 million.
The company also raised more than $25 million through two underwritten rights offers, placements and the exercise of options, supporting its acquisition strategy.
The company’s technology platforms — Vampr, Vinyl.com, Serenade and Jaxsta — continue to evolve, with Vinyl.com achieving four consecutive months of record-breaking sales and successfully launching in the UK.
Vampr and Jaxsta’s integration remains a core focus, with Vinyl aiming to build the world's largest music advertising network.
The company intends to continue to expand its operations with further acquisitions while also broadening its e-commerce offerings and market reach with the goal of achieving profitability by the 2026 financial year.