Following a number of layoff rounds and allegations of large tax money owed, Swiss fintech Utopia Music has offered Absolute Label Companies again to its “unique management workforce” about 17 months after buying the London-headquartered enterprise.
Absolute Label Companies’ founders, Henry Semmence and Simon Wills, introduced at the moment that that they had bought “100% of the corporate from Utopia Music.” As talked about, it’s been one thing of a tough 12 months for the latter entity, which executed a much-publicized acquisition spree (extending to Lyric Monetary, Correct Music Group, Musimap, ROSTR and ForTunes, Sentric, and, in fact, Absolute) throughout 2021 and 2022.
Whereas heading off litigation stemming from a nixed SourceAudio acquisition, nonetheless, Utopia offered ROSTR to its personal founders in February of 2023 and cashed out of Sentric as a part of a late-March settlement with Consider.
Allowing for the factors, Absolute, execs emphasised of their formal launch in regards to the possession change, has “maintained its unique, long-standing workforce, main infrastructure and numerous shopper base” since turning into a part of Utopia final 12 months.
Moreover, these identical higher-ups touched upon the “vital development” achieved by Absolute within the interim – to the tune of a described 25 p.c year-over-year income hike – in addition to forthcoming initiatives involving the Kaiser Chiefs, Tokio Myers, and Delta Goodrem, to call some.
In an announcement, the aforesaid Absolute co-founders, together with fellow “unique shareholders” Debs Reducing (group operations director) and Mark Dowling (director), made clear their bold imaginative and prescient for the reacquired entity however didn’t disclose the transaction’s financials or the exact circumstances behind the event.
“Absolute’s administration workforce is happy to announce our determination to maneuver ahead independently,” they relayed partly. “The choice to revert the complete possession of the corporate, and to protect its imaginative and prescient and course, was fuelled by our unwavering dedication to proceed offering distinctive label providers.
“Our main focus for the final 28 years has been delivering success and development for our artists and labels,” proceeded the professionals. “We stay up for persevering with our relationship with all of them, and offering the devoted assist, sources, and revolutionary options they deserve.
“We’re dedicated to exploring new collaborations, forging strategic partnerships, and harnessing cutting-edge applied sciences to raise our label providers to even better industrial development and success. Our dedication to funding and growth stays resolute.”
On the time of this writing, Utopia Music itself didn’t seem to have publicly addressed the Absolute sale. Earlier this month, the corporate quietly rebranded the above-highlighted ForTunes into Utopia HeartBeat, billing the newly minted providing as “the companion app for the music business.”