Announcement PDF ASX Release SCALING A TECH-ENABLED MEDIA COMPANY WITH STRONG REVENUE GROWTH AND CLEAR PATHWAY TO PROFITABILITY Melbourne, Australia, 31 August 2026: Vinyl Group Ltd (ASX: VNL) (“Vinyl” or “the Company”), an adaptive media and music technology company, is pleased to report its financial results for the financial year ended 30 June 2026 (“FY26”). Key Highlights ●​ Revenue up 31% to $18.9m, primarily reflecting organic growth ●​ Increase in gross profit margin to 42.1%, up from 38.8% in the pcp, due to improved operating leverage, in line with forecast ●​ Strategic acquisitions provide foundation for next phase of growth ○​ Val Morgan Digital (13 April 2026), Pedestrian Group (15 June 2026) & Time Out Australia (24 June 2026) ○​ Expanded scale, audience reach and commercial capability, with Vinyl Media now reaching over 50% of Australians online1 ●​ One-off restructure & redundancy costs of $2.5m, included in net loss after tax of $8.8m ○​ Restructure actions reduced ongoing annual payroll costs by a further $1.4m ●​ Cash balance of $1.7m at 31 August 2026, with expected cash receipts in Q1 FY27 of $5.5m-$6.5m ●​ Positive outlook for FY27 ○​ FY27 revenue forecast of $38M to $40M, based on full year contribution from acquisitions, continued organic growth and new monetisation opportunities, with a growing proportion of high-margin recurring revenues ○​ Improved cash conversion, targeting sustainable cash positive run-rate in 1H FY27 ○​ Clear pathway to profitability, converting audience scale into profitable business scale through improved operating leverage, shared infrastructure and cost discipline. Josh Simons, CEO & Executive Director commented, “Our big picture vision at Vinyl Group is to build and scale a tech-enabled media company, which provides engaging and relevant content for consumers, and a strong value proposition for advertisers. Over the past year, we have made significant progress in expanding our premium culture asset base and increasing our national audience scale, through key strategic acquisitions. 1 Source: Ipsos iris, June 2026. De-duplicated online audience reach (%) across PC/Laptop, Smartphone and Tablet for Australians aged 14+. Vinyl Media figures represent a combined Brand Group audience including Vinyl Media, Val Morgan Digital, Pedestrian and Time Out entities. Vinyl Group Ltd | 11 Wilson Street, South Yarra VIC 3141 | ABN 15 106 513 580 | ASX: VNL The FY26 financial results reflect a period of rapid acquisition growth, multiple parallel integration programs and significant internal restructuring. Pleasingly, we enter FY27 with a strengthened management team and the right internal structures and processes in place.” FY26 Results Overview $m FY26 FY25 Change Revenue 18.9 14.4 31% Gross Profit Margin 42.1% 38.8% +3.3pp Underlying EBITDA2 (7.1) (9.6) +2.5 Net (Loss) After Tax (8.6) (15.9) +7.3 FY26 Results Commentary Vinyl generated revenue of $18.9m, up 31% YOY, primarily reflecting organic growth. This top line growth was weaker than expected due to softer media activity in 2H FY26, as well as the internal restructure which impacted our sales momentum. The increase in gross profit margin to 42.1%, up from 38.8% in the pcp, was in line with our forecast and reflects improved operating leverage from increased scale, further demonstrated following the Val Morgan Digital acquisition. The three acquisitions completed in 2H FY26 include Val Morgan Digital (13 April 2026), Pedestrian Group (15 June 2026) & Time Out Australia (24 June 2026). Together these acquisitions have expanded our scale, audience reach and commercial capability, with Vinyl Media now reaching over 50% of Australians online , 3 thus materially improving our value proposition to advertisers. Vinyl is successfully scaling its award-winning Adaptive Media model, by combining premium publishing assets, audience reach, commerce, technology and data to create integrated campaigns that connect brands with culture across multiple channels. Over the past year, Vinyl has strengthened the management team with aligned Objectives and Key Results (OKRs) to drive innovation and performance with laddered accountability throughout the organisation. Vinyl incurred $2.5m in one-off restructure and redundancy costs in FY26, leading to a net loss after tax of $8.6m. The cash balance was $1.7m at 31 August 2026. 3 Source: Ipsos iris, June 2026. De-duplicated online audience reach (%) across PC/Laptop, Smartphone and Tablet for Australians aged 14+. Vinyl Media figures represent a combined Brand Group audience including Vinyl Media, Val Morgan Digital, Pedestrian and Time Out entities. 2 Underlying EBITDA is calculated as Earnings Before Interest, Tax, Depreciation & Amortisation and also excludes share based amortisation expense, write off of assets, loss on deferred acquisition costs, bargain purchase gain on acquisition and impairment of goodwill and the fair value loss on financial liabilities Vinyl Group Ltd | 11 Wilson Street, South Yarra VIC 3141 | ABN 15 106 513 580 | ASX: VNL Positive outlook for FY27 Vinyl enters FY27 with positive momentum and significant growth potential as the scale of the audience platform, creating a significant monetisation opportunity across advertising, subscriptions, commerce, events and technology-enabled products translates through to revenue and earnings. The FY27 revenue forecast of $38M to $40M, is based on full year contribution from acquisitions, continued organic growth and new monetisation opportunities, with a growing proportion of high-margin recurring revenues. In FY27, Vinyl’s core focus is on integration, operational efficiency, product innovation and operating leverage to deliver strong growth across both the top line and bottom line. Vinyl expects improved cash conversion, targeting sustainable cash positive run-rate by the end of 1H FY27, with expected cash receipts in Q1 FY27 of $5.5m-$6.5m. Importantly, Vinyl has a clear pathway to profitability, by converting audience scale into profitable business scale through improved operating leverage, shared infrastructure and cost discipline. FY26 Annual Report - September 2026 Vinyl will release its fully audited FY26 financial results and Annual Report in September 2026. The completion of two acquisitions of private companies in June 2026 has prolonged the audit process. Authorisation and Additional Information:​ This announcement was authorised by the Board of Vinyl Group Ltd Vinyl Group Investor Relations:​ E: investors@vinyl.group -Ends- ABOUT VINYL GROUP Vinyl Group is a diversified adaptive media and music technology company that connects culture with commerce. Its portfolio spans two divisions, Publishing and Platforms, with tools and services that empower fans, brands and creators. The Publishing division, Vinyl Media, is a powerhouse of culture, premium content and live experiences, with owned and operated titles including PEDESTRIAN.TV, Concrete Playground, Mediaweek and The Music Network, and Australian licences for Rolling Stone, Variety, Time Out, BuzzFeed, Tasty, Refinery29, POPSUGAR and LADbible Group, including LADbible and SPORTbible. The Platforms division includes Vinyl.com, a leading e-commerce destination with more than 60,000 titles; Vampr, a social-professional network and talent marketplace with 1.6 million creators in over 190 countries; and Serenade, a chart-accredited Smart Formats platform helping more than 200 artists and their teams turn physical collectables and live moments into digital fan experiences. Vinyl Group Ltd | 11 Wilson Street, South Yarra VIC 3141 | ABN 15 106 513 580 | ASX: VNL Vinyl Group Ltd Appendix 4E Preliminary final report 1. Company details Name of entity: Vinyl Group Ltd ABN: 15 106 513 580 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market $ Revenues from ordinary activities up 30.89% to $18,852,231 Other income and interest revenue down 85.90% to 39,404 Loss from ordinary activities after tax attributable to the owners of Vinyl Group Ltd down 45.72% to (8,646,925) Loss for the year attributable to the owners of Vinyl Group Ltd down 45.72% to (8,646,925) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $8,646,925 (30 June 2025: $15,932,089). Refer to Market announcement, which precedes the Appendix 4E, for further commentary on the results for the year ended 30 June 2026. 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 0.12 0.09 4. Control gained over entities Name of entities (or group of entities) Val Morgan Digital (assets only) Vinyl Group Ltd Appendix 4E Preliminary final report Date control gained 9 April 2026 Name of entities (or group of entities) Pedestrian Group Pty Ltd Date control gained 14 June 2026 Name of entities (or group of entities) Print and Digital Publishing Pty Ltd Date control gained 24 June 2026 Refer to note 29 'Business combinations' for further details. 5. Loss of control over entities Not applicable. Vinyl Group Ltd Appendix 4E Preliminary final report 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements are in the process of being audited and an unqualified opinion is expected to be issued. The auditor's report will contain a paragraph addressing material uncertainty related to going concern. 11. Attachments Details of attachments (if any): The Preliminary accounts of Vinyl Group Ltd for the year ended 30 June 2026 are attached. 12. Signed VINYL GROUP LTD Vinyl Group Ltd Appendix 4E Preliminary final report Signed ___________________________ Date:31 August 2026 Ken Gaunt Non-Executive Director and Chair Melbourne Vinyl Group Ltd ABN 15 106 513 580 Preliminary Financial Accounts (Unaudited) - 30 June 2026 Vinyl Group Ltd Contents 30 June 2026 Consolidated statement of profit or loss and other comprehensive income 2 Consolidated statement of financial position 3 Consolidated statement of changes in equity 4 Consolidated statement of cash flows 5 Notes to the consolidated financial statements 6 Shareholder information 66 1 Vinyl Group Ltd Consolidated statement of profit and loss and other comprehensive income​ For the year ended 30 June 2026 (Unaudited) Consolidated Note 2026 2025 $ $ Revenue 5 18,852,231 14,403,220 Raw materials and consumables used 7 (10,908,596) (8,812,377) Gross profit 7,943,635 5,590,843 Other income 6 39,404 279,467 Interest income calculated using the effective interest method 11,162 98,437 Expenses Employee benefits expense 7 (10,567,600) (9,927,223) Product development expense 7 (1,028,528) (1,623,743) Depreciation and amortisation expense 7 (621,040) (1,714,395) Impairment of goodwill 13 - (2,083,213) Professional fees (907,325) (789,833) Marketing expense (1,717,927) (1,620,977) Occupancy expense (387,026) (393,683) Write off of assets (45,430) - Fair value loss on financial liabilities - (1,850,839) Bargain purchase gain on acquisition 28 571,856 - Loss on deferred acquisition costs 28 (125,000) - Other expenses 7 (1,583,449) (1,624,686) Finance costs 7 (385,122) (194,157) Loss before income tax expense (8,802,390) (15,854,000) Income tax benefit/(expense) 8 155,464 (78,089) Loss after income tax expense for the year attributable to the owners of Vinyl Group Ltd (8,646,926) (15,932,089) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation (149,941) 247,229 Other comprehensive income for the year, net of tax (149,941) 247,229 Total comprehensive income for the year attributable to the owners of Vinyl Group Ltd (8,796,867) (15,684,860) Cents Cents Basic earnings per share 33 (0.62) (1.34) Diluted earnings per share 33 (0.62) (1.34) The above consolidated statement of profit and loss and other comprehensive income should be read in conjunction with the accompanying notes 2 Vinyl Group Ltd Consolidated statement of financial position​ As at 30 June 2026 (Unaudited) Consolidated Note 2026 2025 $ $ Assets Current assets Cash and cash equivalents 9 1,652,852 1,796,019 Trade and other receivables 10 5,569,623 3,797,661 Other assets 11 815,082 291,606 Total current assets 8,037,557 5,885,286 Non-current assets Property, plant and equipment 12 46,871 30,587 Intangibles 13 31,203,377 18,014,822 Deferred tax asset 8 697,849 370,696 Total non-current assets 31,948,097 18,416,105 Total assets 39,985,654 24,301,391 Liabilities Current liabilities Trade and other payables 14 5,051,038 2,732,477 Contract liabilities 15 531,241 1,019,907 Borrowings 16 73,488 74,174 Deferred Payment - 375,000 Employee benefits 17 789,533 459,053 Total current liabilities 6,445,300 4,660,611 Non-current liabilities Borrowings 15 11,840,772 - Employee benefits 17 155,153 119,048 Deferred tax liability 8 3,064,954 1,567,447 Total non-current liabilities 15,060,879 1,686,495 Total liabilities 21,506,179 6,347,106 Net assets 18,479,475 17,954,286 Equity Issued capital 18 108,558,255 100,302,796 Reserves 19 6,789,882 5,864,384 Accumulated losses (96,868,662) (88,221,738) Total equity 18,479,475 17,954,286 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 3 Vinyl Group Ltd Consolidated statement of changes in equity​ For the year ended 30 June 2026 (Unaudited) Total equity Issued​ capital Reserves Accumulated losses Consolidated $ $ $ $ Balance at 1 July 2024 74,173,268 4,086,590 (72,280,802) 5,970,212 Loss after income tax expense for the year - - (15,932,089) (15,932,089) Other comprehensive income for the year, net of tax - 247,229 - 247,229 Total comprehensive income for the year - 247,229 (15,932,089) (15,684,860) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 18) 9,551,943 - - 9,551,943 Conversion of convertible notes 10,319,631 - - 10,319,631 Exercise of share options 3,000,000 - - 3,000,000 Share issue from business or asset acquisition 3,202,154 - - 3,202,155 Share-based payments (note 34) 55,800 1,530,565 - 1,586,364 Balance at 30 June 2025 100,302,796 5,864,384 (88,221,735) 17,954,289 Total equity Issued​ capital Reserves Accumulated losses Consolidated $ $ $ $ Balance at 1 July 2025 100,302,796 5,864,384 (88,221,735) 17,954,289 Loss after income tax expense for the year - - (8,646,926) (8,646,926) Other comprehensive income for the year, net of tax - (149,941) - (149,941) Total comprehensive income for the year - (149,941) (8,646,926) (8,796,867) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 18) 2,236,100 - - 2,236,100 Share issue from business or asset acquisition 5,992,782 - - 5,992,782 Share-based payments (note 34) 26,577 1,075,439 - 1,102,015 Balance at 30 June 2026 108,558,255 6,789,882 (96,868,662) 18,479,475 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 4 Vinyl Group Ltd Consolidated statement of cash flows For the year ended 30 June 2026 (Unaudited) Consolidated Note 2026 2025 $ $ Cash flows from operating activities Receipts from customers (inclusive of GST) 18,376,057 14,314,109 Payments to suppliers and employees (inclusive of GST) (26,753,506) (23,194,215) Receipts from grants - research and development (inclusive of GST) 276,702 (167,896) Receipts from grants - export development (inclusive of GST) - - (8,101,747) (9,048,002) Interest received 111,472 86,643 Interest and other finance costs paid (19,733) - Net cash used in operating activities 31 (8,009,008) (8,961,359) Cash flows from investing activities Cash (utilised)/acquired on purchase of business 29 (5,626,865) (5,759,831) Payments for equipment 13 (22,200) (11,572) Net cash used in investing activities (5,649,065) (5,771,403) Cash flows from financing activities Proceeds from issue of shares 19 2,400,000 10,211,505 Share issue transaction costs (163,900) (601,836) Proceeds from exercise - 3,000,000 Proceeds from borrowings 11,500,000 - Repayment of borrowings (221,194) (213,271) Net cash from financing activities 13,514,906 12,396,398 Net increase in cash and cash equivalents (143,167) (2,336,364) Cash and cash equivalents at the beginning of the financial year 1,796,019 4,132,383 Cash and cash equivalents at the end of the financial year 9 1,652,852 1,796,019 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 5 Vinyl Group Ltd Notes to the consolidated financial statements For the year ended 30 June 2026 (Unaudited) Note 1. General information The financial statements cover Vinyl Group Ltd as a Group consisting of Vinyl Group Ltd and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Vinyl Group Ltd's functional and presentation currency. Vinyl Group Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: 11 Wilson Street South Yarra VIC 3141 Note 2. Material accounting policy information The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group. The following Accounting Standards and Interpretations have been adopted from 1 July 2025: ● AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current and AASB 2022-6 Amendments to Australian Accounting Standards - Non-current Liabilities with Covenants. ● AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback ● AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements Going concern The Group incurred a loss after tax of $8,646,926 (2025: $15,932,089) and had a net cash outflow from operations of $8,009,355 (2025: $8,961,358) for the year ended 30 June 2026. As at 30 June 2026, the Group had net current assets of $1,592,257 (2025: $1,224,676). As at the signing date of the Financial Statements, the Group had cash assets of $1,767,719. Business strategies and prospects for future years ● Expand the revenue generated from our large portfolio of media assets whilst continuously streamline operations to deliver its customer commitments in the most cost efficient business model. This involves leveraging the larger portfolio of publications to deliver the best reach to advertisers who want to reach a large section of the Australian market. ● Diversifying Vinyl.com into other product markets to utilise the brand power and platform created to promote music and youth culture. and Focus on the marketing and enhancement of the Vampr platform with the key products required today and refocus the push into advertising through an agency model as utilised by its Vinyl Media team. ● Continue to expand Vampr functionality and explore other music technology capabilities to expand our breadth of creator solutions.​ Expansion of our Serenade offerings into the United States market. ● Continued focus on growing our media events across all of our new property portfolio. In order to achieve the near-term goals for the segment, the development focus for FY2026 is to: 6 Vinyl Group Ltd Notes to the consolidated financial statements 30 June 2026 The Group is currently executing on the next phase of its strategy, based on the following principles: ● Deliver our unified web experience across our portfolio of publications, providing a better customer experience that is also more cost effective to maintain and enhance; ● Refocus on accelerating our unique value proposition on our tech platforms delivering the best experiences and features for the creators and collectors. ● Continued integration of products to the media events and properties. Management has prepared cash flow forecasts for the Group which assumes continuity of business on the basis of the following events occurring: ● The Group completes the cost savings from its acquisition integration in the first quarter of FY2026; ● The Group achieves the targeted revenue levels for its media business as it operates as one cohesive unit instead businesses; ● the continued growth of the vinyl.com brand and platform which grew last year and is looking to continue its growth to where its customer acquisition costs deliver profitable growth; ● if needed, a capital or debt raising to meet cash liquidity requirements and fund the working capital requirements of th continues its path to profitability. The Directors believe that the Group is a going concern and that the above events will eventuate in the short term and accordingly the financial statements have been prepared on a going concern basis. In the event that the above assumptions do not eventuate, there are material uncertainties that cast significant doubt over the ability of the Group to continue as a going concern. As a result, the Group may not be able to realise its assets and extinguish its liabilities in the ordinary course of operations and at the amounts stated in the financial statements. No adjustments have been made to the recoverability and classification of recorded asset values and the amount and classification of liabilities that might be necessary should the Company and the Group not continue as a going concern. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the financial liabilities held at fair value through profit or loss. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 28. 7 Vinyl Group Ltd Notes to the consolidated financial statements 30 June 2026 Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Vinyl Group Ltd ('Company' or 'parent entity') as at 30 June 2026 and the results of all subsidiaries for the year then ended. Vinyl Group Ltd and its subsidiaries together are referred to in these financial statements as the 'Group'. Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Operating segments Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Foreign currency translation The financial statements are presented in Australian dollars, which is Vinyl Group Ltd's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into the Group's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of. 8 Vinyl Group Ltd Notes to the consolidated financial statements 30 June 2026 Revenue recognition The Group recognises revenue as follows: Revenue from contracts with customers Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. When the inflow of consideration is deferred, it is treated as a provision of financing and is discounted at a rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is recognised as interest revenue. The Group accounts for a contract with a customer when all of the following criteria are met: ● the parties to the contract have approved the contract and are committed to perform their respective obligations; ● the Group can identify each party’s rights regarding the goods or services to be transferred; ● the Group can identify the payment terms for the goods or services to be transferred; ● the contract has commercial substance; and ● it is probable that the Group will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Media and events Media and event sales are recognised upon completion of individual deliverables in a contract. Events are specifically identifiable at the time of the event with all items delivered and acknowledged by the customer. Campaigns can include elements of advertisement or multiple events and each is recognised when it occurs or in the case of advertising, the amount delivered during a specific month such as impressions. Each component of the campaign is priced individually to account to the total price so each item can be recognised individually as it is completed. Most sales are invoiced at the completion, but any prepayments are recognised in as a deposit liability or unearned revenue if activities against the campaign have started. The invoicing of events at completion is based on completing the deliverables of a project. All individual advertising charges are reflective of the cost per impression or other standard measure for the particular campaign and invoiced on a monthly basis. Subscription revenue Subscription revenue consist primarily of fees earned from subscription-based arrangements for providing customers the right to license or access data through the cloud-based portal. Subscription revenues vary based on the number and size of active subscriptions, as well as the price of the subscriptions. Subscription