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Utopia Music has change into the most recent firm to considerably scale back the scale of its international workforce.
The Swiss-based buying firm has confirmed to MBW that it has made a collection of redundancies.
Sources counsel that these cuts have come primarily to Utopia’s core workforce, together with some high-level executives, in addition to its tech-focused workforce.
To this point, Utopia’s know-how workers have been tasked with constructing the corporate’s proprietary music monitoring platform, generally known as the “Utopia Open Platform” (UOP).
MBW understands that the Utopia international workforce numbers 1,200 individuals. That quantity consists of each contractors and about 800 workers.
A Utopia Music spokesperson advised MBW at present (24 November): “Like many rising corporations within the present macroeconomic atmosphere, Utopia is making adjustments to its inner construction to optimize enterprise.
“We’ve grown quickly in two years, organically and thru 15 acquisitions. Now, we’re reaching value synergies between these acquisitions and specializing in sustainable development. These adjustments enable us to higher serve the music trade and provide honest pay per play.
“Sadly, which means saying goodbye to a few of our colleagues as a part of this course of. This isn’t a choice that was made calmly and we significantly admire the contribution of all of our workers to Utopia’s journey up to now.”
“We’ve grown quickly in two years, organically and thru 15 acquisitions. Now, we’re reaching value synergies in these acquisitions and specializing in sustainable development.”
Utopia Music spokesperson
Utopia is led by CEO Markku Mäkeläinen and was based by Mattias Hjelmstedt.
Hjelmstedt beforehand based streaming media start-ups voddler Y Magic.
Information of the job losses at Utopia follows a wave of layoffs sweeping the tech aspect of the worldwide music enterprise.
Final week, MENA-focused Spotify rival Anghami revealed it was slicing 22% of its employees. That adopted information in August of SoundCloud lowering its international workforce by roughly 20%.
US-based assortment society BMI (Broadcast Music, Inc) additionally confirmed in August that it was shedding “just below 10%” of its complete workforce.
Spotify additionally reportedly in the reduction of on its new rent earlier this 12 months, whereas the newest on-line rumors have hinted that its expertise pool employees have been laid off. There have been additionally experiences final month of podcast workers being laid off at SPOT.
Right now’s information follows a wave of hiring at Utopia over the previous 14 months, which has come at the side of an aggressive acquisition technique.
That wave of acquisitions has included: UK warehousing, achievement and distribution firm Cinram Novum; UK-based bodily and digital music distributor Correct Music Group; and Absolute Label Providers, one other UK-based distribution and repair supplier for impartial artists and report labels.
Earlier this 12 months, Utopia additionally acquired Liverpool-based music writer and publishing administration firm Sentric Music Group.
In December 2021, it acquired US-based music trade listing ROSTR and Austrian-based music knowledge analytics platform ForTunes.
In October 2021, the agency purchased Nashville-based monetary companies agency Lyric Monetary, and in September, Utopia purchased Quincy Jones-backed emotional knowledge enrichment agency Musimap.
One in every of Utopia’s senior appointments this 12 months was Ulf Zick, who left his position as Worldwide Managing Director at Common Music Germany in April to affix Utopia.
We realized final week that simply six months after becoming a member of Utopia as chief advertising and marketing officer, Zick introduced he was leaving the Swiss firm to return to work at Common.
In August, MBW reported that Utopia was trying to lift €300m in a Collection C spherical that will worth its firm at €2.5bn.Music enterprise around the globe
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