After Absolute Label Providers’ management workforce regained possession of the corporate from Utopia Music, Utopia CEO Mattias Hjelmstedt says that Absolute didn’t match into Utopia’s ‘refined focus.’
Authentic Absolute Label Providers shareholders Henry Semmence, Simon Wills, Debs Slicing, and Mark Dowling have reacquired 100% of the corporate from Utopia Music, following Utopia’s expansive acquisition spree in 2021 and 2022. Now, Utopia’s founder has launched a press release on the reacquisition.
Offering label companies since 1998, Absolute was acquired by Utopia in February 2022 however maintained its authentic workforce, infrastructure, and shopper base. The corporate studies revenues up 25% year-on-year throughout its label companies and rights operations.
Absolute has quite a few initiatives lined up for the remainder of the 12 months and into 2024, together with work with Kula Shaker, Busted, James McVey of The Vamps, Kaiser Chiefs, Delta Goodrem, and Tokio Myers, in addition to rising expertise.
“In Utopia’s relentless pursuit of neutrality and sturdy partnership with digital distributors and the music business, we acquired Absolute Label Providers in February 2022,” says Mattias Hjelmstedt, Govt Chairman and Founding father of Utopia Music in a press release concerning Absolute’s founders’ reacquisition of the corporate.
“Our intention was to attach with extra labels and creators. Now, as a part of a strategic evolution, we’re refining our focus. Utopia is doubling down on its core service choices: Bodily Distribution, Radio Monitoring, TrackNClaim, Improve & Uncover, HeartBeat, and Speed up.
“According to this refined focus, and in an effort to make sure the continued supply of remarkable companies in all points of our enterprise, we consider it’s most helpful for the Absolute workforce, led by founder Henry Semmence and Simon Wills, to reacquire the corporate.
“This transfer is a testomony to our ongoing dedication to excellence and effectivity. It displays our perception that Absolute Label Providers will proceed to ship excellent digital distribution companies to the music business beneath the management of its authentic stewards. Utopia is happy about this strategic shift and appears ahead to persevering with its mission with a fair stronger deal with its core companies.”
Hjelmstedt was unavailable for DMN’s request for an in-depth dialogue.