Australia’s sole ASX-listed music company, Jaxsta, has announced a significant transformation that includes changing its name to Vinyl Group, after the company expanded into online vinyl sales earlier this year.
The revamped Vinyl Group, complete with a new company website, will serve as an umbrella brand that will house the company’s three existing brands: Jaxsta, Vampr and Vinyl.com.
The ticker code on the ASX will also change from JXT to VNL. These changes are expected to take effect as trading begins on Tuesday (December 5), the company said in a press release the same day.
Vinyl Group says it launches with “a promise to become the heartbeat of an equitable music world,” providing solutions that connect and give credit to the global creator economy.
Jaxsta, the legacy music credits arm of the company, will continue to provide metadata services. Its data, mapped to global charts, delivers insights, including custom repertoire reports, to ensure that music stakeholders correctly map ownership and subsequent revenue distribution.
“This new identity is more than just a name change. It represents a unified vision for our future – a future where our technology and products are more interconnected, offering an enriched experience for our clients and users.”
Josh Simons, Vinyl Group
Vampr, which Vinyl Group acquired in February, will continue to serve as a music industry social-professional network and talent marketplace. Dubbed “LinkedIn for creatives,” Vampr helps 1.3 million musicians, creatives and artists connect, discover collaborators and monetize their work in more than 180 countries. The unit sources its revenues from premium creator subscriptions and native in-app advertising.
Meanwhile, the Vinyl.com website offers over 50,000 vinyl titles for fans to purchase. The online record store is powered by Jaxsta credits, and is chart-accredited for Billboard and ARIA. It includes track previews on every album page. Vinyl Group says the website is designed to recreate the sensory experience of “crate-digging” cherished by record collectors.
Vinyl Group says its commitment to supporting creators extends “from bedroom to turntable.”
“It’s a huge privilege to be able to usher in this new era in the journey of three fantastic businesses, each now residing under the newly rebranded Vinyl Group. This new identity is more than just a name change. It represents a unified vision for our future – a future where our technology and products are more interconnected, offering an enriched experience for our clients and users,” said Vinyl Group CEO Josh Simons.
“Through e-commerce, social network platforms and a proprietary database of official credits, Vinyl Group’s suite of transformative products will continue to connect and empower all participants of the music ecosystem. Our unwavering commitment to support artists, power the industry, and engage fans is the driving force behind our efforts.”
“The Board has backed this new evolution for the Company, which sees Vinyl Group launch as a new, global brand dedicated to making, enjoying and monetizing music.”
Linda Jenkinson, Vinyl Group
Vinyl Group Chair Linda Jenkinson also commented on the rebranding, saying: “The Board has backed this new evolution for the Company, which sees Vinyl Group launch as a new, global brand dedicated to making, enjoying and monetizing music. We are confident that this exciting new era will see three businesses working together to celebrate music, foster relationships and enhance value for Jaxsta, Vampr and Vinyl.com.”
The company’s leadership team includes CEO Josh Simons, CFO Jorge Nigaglioni, CMO Alli Galloway, CPO Jessy Trengove, and Tech Lead Chris Lowe.
The rebranding comes six months after the company raised AUD $3 million (approx. USD $2 million) from a private share placement that made Australian tech billionaire Richard White a major shareholder, with a 9.64% stake. In September, Los Angeles-based B2B music licensing company Songtradr became the largest shareholder in the company with a 14.04% stake after it converted its Tranche #1 convertible bonds worth AUD $1.77 million into ordinary shares.
Music Business Worldwide