Vinyl Group (ASX: VNL) reports 218% QoQ revenue jump in Q3FY24 driven by Brag Media acquisition.

Fri 26 Apr 24, 05:21 AM | Team Kalkine

Image source: @Tumisu/Pixabay

Highlights

Vinyl Group Limited (ASX: VNL), previously known as Jaxsta Limited, operates brands like Jaxsta, Vampr, and Vinyl.com. Vinyl.com, a recognized record store, holds accreditation on charts and provides sales data for physical albums to Billboard and the Australian Record Industry Association (ARIA).

In the third quarter of the financial year 2023 (3QFY24), revenue of the firm surged by 218% QoQ to AUD 1.86 million, while in the first half of FY24 (1HFY24), revenue jumped 318% YoY to AUD 876,000. The half yearly revenue was backed by implementation of its product roadmap and focused marketing and sales efforts. The company highlighted that its combined revenue is now on an annualized trajectory of around AUD 10 million.

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