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Vinyl Group (ASX:VNL) – “Australia’s only ASX-listed music company” – has inked a binding HoA to acquire events company Funkified Entertainment Pty Ltd. The deal will go through at $2.5M.
Funkified’s website, for its part, advertises corporate events and wedding services as well as the provision of music and DJs for these and other types of events. The company was formed in 2009; founder and CEO Gus Stephenson will now be full time employed by Vinyl Group.
Funkified’s website does not advertise much else, however, it’s a single landing page with a contact box. Vinyl Group, meanwhile, adopts the slogan “the heartbeat of an equitable music world” when you search for the company.
Vinyl’s biggest claim to fame is its acquisition of Vampr back in June last year (when the company was called Jaxsta.)
Vampr is a Spotify competitor (read: it pays artists more on paper) and as an app it has been featured on Forbes, as well as being identified as a Fast Company “most innovative company” and also covered in struggling youth media brand VICE.
But if you’ve never heard of Vampr, you’d be forgiven – nor has this finance journalist (former community radio music guy!) who considers himself fairly on-the-pulse.
Vinyl Group’s other most understandable value proposition is its Vinyl [dot] com, which sells vinyls to, well, vinyl player owners. The cassette revolution never quite took off, and other attempts by left of field brands to bring back the floppy disk have failed.
Then again, vinyl isn’t quite as cool as it was about seven-to-ten years ago.
At any rate, HotCopper users were net bullish on the news (at least among those who commented on the announcement thread for the fairly thinly traded company.)
VNL last traded at 9.2cps.
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