Vinyl Group Set to Acquire Concrete Playground

Vinyl Group is to acquire Concrete Playground, the digital guide that curates things to see, do and experience in major Australasian cities.

Announced to the ASX on Thursday, December 12th, Vinyl Group enters into a binding heads of agreement to acquire the business for a total consideration of $5 million (including $3.5 million in cash and $1.5 million in scrip).

Launched in 2009, Concrete Playground is a popular exploration tool for Sydney, Melbourne, Brisbane, Auckland, and Wellington, generating unaudited revenues over the past twelve months amounting to over $4 million.

Its platform is complementary to The Brag Media’s strategy by tapping into a similar agency network, yet serving a “distinct set of clients and briefs,” which ought to broaden Vinyl Group’s potential commercial reach and diversification, reads the statement.

Upon completion, Concrete Playground’s founder & CEO Rich Fogarty will exit to pursue new opportunities. In the meantime, Fogarty will work with the company to ensure the staff and business are integrated smoothly.

“We are looking forward to working with Rich and the Concrete Playground team to complete this acquisition in early 2025,” comments Vinyl Group CEO Josh Simons.

“They’ve built a trusted platform that audiences genuinely love, and their approach to storytelling will be a natural fit with our broader media strategy. Operationally, this acquisition will be significant for Vinyl Group — it would not only elevate our capabilities but also fast-track our path to sustained profitability, allowing us to deliver even greater value to our shareholders and partners.”

Completion, which is dependent on certain conditions, is expected to take place no later than February 28th, 2025.

“I’m immensely proud of everything Concrete Playground has achieved over the past fifteen years,” comments Fogarty. “This milestone reflects the talent, creativity and dedication of our team, along with the trust of our readers and partners. As the business transitions to new ownership under Vinyl Group, I’m confident their vision and resources will elevate Concrete Playground to new heights, inspiring even more people to discover the very best their cities have to offer.”

Vinyl Group (ASX: VNL) is Australia’s only ASX-listed music company, with a growing empire that includes its music credits business Jaxsta; Vampr, the leading music industry social-professional network and talent marketplace; Vinyl.com, the online record store; and The Brag Media.

Based in Sydney, Vinyl Group made global headlines with its purchase of The Brag Media, announced a year ago — December 2023 — and completed in late January 2024, a pact that welcomed The Brag’s suite of titles into the Vinyl fold, including Rolling Stone AU/NZ, Variety AU/NZ, Tone Deaf, and The Music Network.

Recent acquisitions include Web3 pioneer Serenade, events and brand activations specialist Funkified Entertainment, and Mediaweek.