Jaxsta Ltd (now Vinyl): A Summary of the Annual General Meeting
Jaxsta Ltd., the world's largest database of official music credits, recently held its Annual General Meeting, highlighting significant developments and future plans. Here are five key takeaways:
Jaxsta's Core Offerings and Growth: Jaxsta has established itself as the sole official music credits database globally, featuring over 355 million deep-linked music credits. This comprehensive database maps to global charts, providing unique insights and custom reports, crucial for mapping music ownership and revenue.
Expansion with Vinyl.com and Vampr: The company has launched Vinyl.com, an innovative online record store powered by official music credits, and incorporated Vampr, a leading music industry social network. These expansions align with Jaxsta's vision to connect creators, fans, and industry stakeholders, ensuring recognition for all contributors in the music creation process.
Financial Performance: Jaxsta reported a 679% year-over-year growth in revenue, with an implied annual revenue run rate of $1.2 million. The December quarter is projected to be the company's most significant in history, potentially surpassing the previous fiscal year's revenue in just the first half of FY24.
Strategic Roadmaps: For Vinyl.com, Jaxsta focuses on enhancing product offerings, including gift cards, wish lists, and geographical expansion. Vampr aims to improve its desktop experience and offer more robust features for its Pro members. Jaxsta itself is pivoting towards a B2B-focused product, leveraging scalable data architecture and cost optimization.
Future Vision: Jaxsta emphasizes continued revenue growth while reducing costs. Their vision includes enhancing tech solutions that connect and credit the creator economy, ensuring an equitable music world. This approach is pivotal for long-term value creation for shareholders and stakeholders alike.
This note was based on facts from the company update dated 29/11/2023.
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