Vinyl Group, Songtradr Agree on $1.5 Million Revolving Credit Line
By
Lars Brandle
Vinyl Group has secured a $1.5 million revolving line of credit agreement with Songtradr, one of the media business’s major shareholders. Announced Monday, June 30th, Vinyl Group enters into a binding term sheet for a 24-month agreement with Songtradr on arms-length commercial terms. The credit line, reads a statement, should provide flexible working capital to support the acceleration of sales on Vinyl.com, Vinyl Media’s B2C online vinyl marketplace, during the CY25 holiday season. The applied interest rate is RBA plus 5% per annum. Also, Vinyl Group and Songtradr have reached agreement in principle on the conversion of certain historical liabilities currently owed to Songtradr. Subject to shareholder approval, the arrangement would include the acquisition of the Vinyl.com domain. These two agreements “further strengthen Vinyl Group’s strategic partnership with Songtradr,” which remains a major shareholder of the company, reads a statement to the ASX.
Songtradr’s Paul Wiltshire.
“Our continued support for Vinyl Group reflects our shared belief in creating a more transparent and connected music ecosystem,” comments Paul Wiltshire, CEO of Songtradr in the ASX statement. Adds Josh Simons, CEO of Vinyl Group: “Our partnership with Songtradr continues to create real opportunities for the business. The new credit line gives us flexibility to accelerate growth in Vinyl.com and support long-term shareholder value.” Vinyl Group is the only music-focused company listed on the ASX, with a portfolio that includes Vinyl.com, the e-commerceplatformwithover50,000titles;Vampr, thesocial-professionalnetworkandtalent marketplacewith1.6millioncreatorsacross190-pluscountries; and Jaxsta,theworld’slargestdatabaseofofficial musiccreditswithover380millionverifiedrecords. Based in Sydney, the business made global headlines with its purchase of The Brag Media, now Vinyl Media, in December 2023, a pact that welcomed a suite of titles into the Vinyl fold, including Rolling Stone AU/NZ, Variety AU/NZ, Tone Deaf, and The Music Network. Subsequent acquisitions have included Web3 pioneer Serenade, events and brand activations specialist Funkified Entertainment, and Mediaweek.
Vinyl Group is the only music-focused company listed on the ASX, with a portfolio that includes Vinyl.com, the e-commerce platform with over 50,000 titles; Vampr, the social-professional network and talent marketplace with 1.6 million creators across 190-plus countries; and Jaxsta, the world’s largest database of official music credits with over 380 million verified records. Based in Sydney, the business made global headlines with its purchase of The Brag Media, now Vinyl Media, in December 2023, a pact that welcomed a suite of titles into the Vinyl fold, including Rolling Stone AU/NZ, Variety AU/NZ, Tone Deaf, and The Music Network. Subsequent acquisitions have included Web3 pioneer Serenade, events and brand activations specialist Funkified Entertainment, and Mediaweek.