On Monday we announced the acquisition of Val Morgan Digital and welcomed Damian Keogh to the @VNLASX Board.
Today I wanted to share why this matters.
Adaptive Media is built on a simple belief.
You cannot simply prompt your way to cultural relevance. AI is rapidly reducing the cost of producing content, targeting audiences and optimising campaigns.
Supply is exploding. However, attention is not.
The scarce asset is trusted cultural reach.
With this transaction, Vinyl Media now operates at national scale across Australia’s News and Entertainment categories, with audience reach comparable to the country’s largest advertising companies.
That scale is not built on a single publication or platform. It comes from consolidating culturally relevant brands that audiences actively choose to engage with every day.
When combined, these assets form something much more powerful than traditional publishing.
They become cultural distribution infrastructure.
AI strengthens this model rather than threatening it. It improves efficiency, personalisation and commercial yield, while the underlying cultural relevance remains defensible and difficult to replicate.
Every brand in the world is chasing relevance because relevance drives outcomes. Impressions are fine, but recall, trust and conversion is the clear opportunity in front of us.
Build a platform anchored in culture, amplified by technology, and operating at meaningful national scale. Prove the model at home, and then scale globally.
This is what Adaptive Media looks like in practice.
Great to see @VNLASX featured in the @FinancialReview MicroCap Monitor Magazine yesterday.
The article captures the core of what we’re building: a scaled media and technology business sitting at the centre of culture, creators, brands and commerce.
With the acquisition of Val Morgan Digital, Vinyl’s national digital audience reach now sits alongside some of Australia’s largest media organisations, giving us a stronger platform to execute on our Adaptive Media strategy.
Scale matters. Culture matters. Bringing them together is the opportunity.
Watch this space.
Originally published in the AFR MicroCap Monitor Magazine, May 2026, 2nd Edition, Wednesday 20 May 2026.
I’ve been following the CGT and trust tax debate closely since the Budget.
I understand the Government’s argument around fairness. But I think there is a real risk here of accidentally punishing the exact behaviour Australia needs more of: people taking risk, building companies, hiring people, and giving staff genuine ownership in the upside.
The startup community is already making the point that removing the 50% CGT discount hits founders, early employees and investors differently to passive asset holders.
I agree with that.
But there are a couple of nuances I don’t think are being discussed enough.
Even if the Government carves out an exception for startup founders and employees, many founders and employees hold shares or options through discretionary trusts, often because that was sensible advice at the time.
Under the current regime, a founder or employee on the top marginal rate could expect an effective CGT rate of around 23.5% after the 50% discount.
Under the proposed trust changes, that same person could still be pushed up to a 30% minimum tax rate through the structure, even if the underlying startup carve-out is addressed.
That matters.
Earlier this month, our staff became participants in the company ESOP. These policies do not just affect founders. They affect the people founders are trying to bring along for the journey.
There’s also another angle worth considering.
If the Government were prepared to preserve or selectively retain concessional treatment for certain parts of the public market - particularly microcaps and emerging growth companies - it could actually strengthen Australia’s early-stage ecosystem.
Younger Australians increasingly struggle to access meaningful upside through traditional assets like housing, where barriers to entry are now extremely high. Early-stage public companies remain one of the few asset classes where ordinary people can still back ambitious ideas early, without a huge deposit, leverage or institutional access.
More liquidity and participation at that end of the market would help not just investors, but the companies themselves: attracting talent, executing transformational deals, and competing globally for growth capital.
If Australia wants more innovation, more risk-taking, and broader ownership participation, we need policy settings that encourage people to build and back the future - not just preserve incumbency.
I’m not interested in turning this into a partisan pile-on. I’m interested in making sure the detail is right.
If anyone in my network is involved in the Government’s consultation process on this, I’d be happy to add another voice from the founder and operator side.
These are my personal views.
Today, @VNLASX $VNL released its March 2026 quarterly, marking an important period for the business as we completed the acquisition of Val Morgan Digital, strengthened our leadership team and Board, and continued to sharpen our path to enduring profitability.
Key Highlights:
• Cash receipts of $4.0M, up 24% on pcp, in our seasonally weakest quarter
• Operating cash outflow of $2.7M, an improvement of 19% on pcp
• Completed the acquisition of Val Morgan Digital for $10.5M
• Strengthened our management team and Board, with a focus on integration and execution
• Positive outlook with strong revenue growth in April
• Revised guidance to an EBITDA positive run-rate in 1H FY27, with timing impacted by delayed completion of Val Morgan Digital and M&A pipeline
This quarter was less about seasonality in isolation and more about strengthening the business underneath it. We exit the period larger, more strategically aligned, and with national audience reach now comparable with Australia’s largest media organisations. Integration has also created the opportunity to refine our strategic direction, simplify our go-to-market approach, and identify new growth opportunities across the publishing portfolio.
Encouragingly, April has started strongly, and from mid-April we begin to see the first contribution from Val Morgan Digital.
📈 Full quarterly update now live 👉 https://t.co/pVUaSzH60T
Welcome to the team.
Today we officially closed the acquisition of Val Morgan Digital, and I want to start by welcoming everyone joining @VNLASX as part of this transaction. We’re excited to have you with us.
This step materially expands our audience, our commercial footprint, and our ability to execute at scale.
We’re also proud to deepen our relationships with our global publishing partners, including @LADbibleGroup, @BuzzFeed, @voxmedia and @getFANDOM.
A welcome again to Damian Keogh who has joined the board.
Proud of the team for getting this done.
Thanks to @AdNews for covering the milestone.
https://t.co/dOzfGRc8sv
Big day for @VNLASX.
We’ve acquired the Val Morgan Digital publishing assets, including the ANZ licences for BuzzFeed, LADbible, Vox and Fandom, expanding our national audience reach to digital scale comparable with Australia’s largest media organisations.
This is a major step forward in building Adaptive Media in Australia, combining premium cultural assets, technology and distribution into one integrated ecosystem.
Val Morgan and its parent HOYTS have built exceptional advertising businesses over decades, and this transaction also establishes an ongoing cooperation agreement between our organisations across cinema, outdoor and digital networks. I’m genuinely pleased to welcome HOYTS Group CEO & President Damian Keogh to the Vinyl Group Board.
The work starts now.
Vinyl Group has been nominated for @MusicWeek's Music Consumer Innovation Award for the sixth consecutive year, with two of the nine shortlisted projects recognised in 2026.
The category features global innovators including @AppleMusic, @tiktok_uk and @UMG, with our brands shortlisted for the following campaigns:
• @joinserenade – One-Tap Lanyard
• @vinyldotcom – Consumer-Led Vinyl Availability
Having two nominations in a single category reflects Vinyl Group’s continued focus on building consumer-first music experiences across both physical and digital formats, connecting artists and fans in more direct and meaningful ways.
Winners will be announced in the UK later this year.
https://t.co/mOGKwkPBKH
Starting the year strong, @VNLASX $VNL is pleased to share results from a standout Q2 with record cash receipts, our first operating cash flow positive result, and continued validation of our vertically integrated media and platform acquisition strategy.
Key Highlights:
• Record cash receipts of $7.2M, up 80% quarter-on-quarter
• First operating cash flow positive quarter, with net operating cash inflows of $305K
• Net cash used in operations reduced to $1.11M in 1H FY26, down from $3.96M in 1H FY25
• Structurally lower fixed cost base, with improved operating efficiency at scale
• FY26 revenue guidance updated to $22M–$25M
We delivered this result organically in our seasonally strongest quarter, demonstrating the operating leverage now embedded in the group as scale increases and fixed costs remain structurally lower.
📈 Full quarterly update and investor materials now live.
2025 was a grind.
If you looked at my calendar from January to today, you’d see the messy reality of building a business at this speed.
We’ve had people come. We’ve had people go. We’ve restructured teams, torn strategies down to the studs, and rebuilt them from scratch.
Change is necessary, but it’s also exhausting.
One of the biggest lessons I’ve learned this year is people management.
It’s easy for me to get obsessed with the product or the vision. You look at the business as a machine.
But without the people, there is nothing.
You can build the most exciting music tech or media conglomerate in the world. But if the humans behind it all aren't supported, aligned, and fired up, you just have expensive assets collecting dust.
So, I want to say a genuine thank you to my team at @VNLASX.
To those who stuck it out in the trenches this year, who navigated the chaos and kept pushing the rock up the hill, thank you.
We are heading into next year with a very simple theme: Play to your strengths.
We’re done trying to be good at everything. We’re going to be exceptional at the things that actually move the needle.
We’re going to double down on our superpowers and stop apologising for our blind spots.
Go take a break. Refill the bucket. Because we’ve got a hell of a year coming up.
See you on the other side 👊
When I was 17, I dropped out of school to start a film production company.
Within a year, I was completely burnt out.
I went and mowed lawns for a while before heading to England to figure things out.
There, a friend of my dad's gave me an analogy that I didn't fully appreciate for another decade.
He said, "Imagine everyone has a bucket full of energy. When you pursue high-octane, high-stakes roles, you are going to empty that bucket. That's not a failure; it's a given. Your only job is to figure out how to refill it."
The advice was abstract but I started to understand it.
In your 20s, you feel invincible. You can just keep pushing with no consequences.
In your 30s, mortality catches up. Your body reminds you that you're not Iron Man.
You only truly heed advice when you learn the lesson firsthand through physical or mental consequences. (that’s definitely happened over the years)
Now, refilling the bucket is a non-negotiable part of how I operate.
For the final investor video of the year, we figured we may as well swing for the fences.
It’s ridiculous, it’s sincere, it’s very us, and it’s the perfect way to wrap up a massive year.
Hope it gives you a smile. Here's to an even bigger 2026.
Proud to share some big news today.
@Deloitte has announced the 2025 Tech Fast 50 results, and @VNLASX has been ranked the second fastest-growing technology company in Australia, recording 2,374 percent growth over the measured period.
This recognition places us among the country’s leading innovators and reflects the work happening across every corner of the Group, from our publishing brands to our technology platforms. It reinforces the value of building a creator-first ecosystem that uses music, media and technology to connect culture with commerce.
The past few years have been transformative for us. We’ve integrated major acquisitions, launched new divisions, expanded globally, strengthened our technology stack, consolidated, and put in the kind of work behind the scenes that rarely gets celebrated but is fundamental to long-term sustainability and success.
I’m incredibly proud of and grateful for the entire Vinyl Group team. This result belongs to them. It shows what’s possible when purpose, execution and belief meet at the same point in time.
Thank you to Deloitte for the recognition, and congratulations to every company featured in this year’s Tech Fast 50.
Onwards.
For a public company, delivering investor updates can easily become a dry, formulaic exercise in reading off spreadsheets.
We decided to do the opposite.
Earlier this year I delivered one update dressed as Batman.
The following month we created a mish mash of Friends and The Brady Bunch for a sitcom-themed report.
This month we have our most ambitious update lined up yet... check back early December for the reveal 😉
Some might call it stupid. I don’t.
We are in the music and entertainment business. There’s more to it than just requisite, sterile, corporate stuff.
We need to be creative, energetic, and sometimes, a little bit weird.
This energy is what attracts the best talent and fosters the innovative ideas that drive our growth.
These videos serve a dual purpose: they engage our investors by being memorable, entertaining and informative, however they also serve as a powerful signal to our team members and commercial partners.
They say, "This is a place where creativity is valued, from the top down.”
And in case you were wondering, I'm both Bruce Wayne and Batman 🦇
I recently saw someone get a "LinkedIn Top Voice" badge.
In their acceptance speech, they reaffirmed their commitment to, "uplifting people and being kind."
Great, right? Nothing to see here.
Well, a few days prior, I saw screenshots of the very same person publicly hoping for a quick death of my company.
Yeah. Super uplifting. How kind!
This is the hypocrisy that makes me want to log off the internet and throw away the keys.
Virtue signaling (saying the right things for public applause while doing the opposite behind the scenes) is rampant.
It replaces genuine character with a performance of it.
No huge lesson here.
Just a nudge that your actions should match your words.
Hope this helps.
Operation Vinyl Heist: From breaking into the ballroom to breaking records, here’s your October Investor Update, Vinyl style.
Watch to see where we achieved 150% YoY growth, record-breaking website views, and a party that ended at 3am. 👀
Our webinar today has 2 #asx#microcap stocks presenting;
We have @gstraker from Straker Ltd $STG (11:30 am) and @josh_simons_ from @vnlasx $VNL (12:00 pm)
AEDT times.
Many thanks to @RaasGroup for sponsoring the event.
https://t.co/1nkQM2Q8nt