Utopia Tune makes layoffs because it downsizes international staff

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Utopia Tune has turn into the most recent corporate to seriously minimize the scale of its international staff.

The acquisitive Switzerland-headquartered corporate has showed to MBW that it has made numerous layoffs.

Resources recommend those cuts have basically are available Utopia’s central staff – together with some high-level executives – in addition to its tech-focused staff.

To this point, Utopia’s tech staff were tasked with development the company’s proprietary tune tracking platform, from time to time referenced because the ‘Utopia Open Platform’ (UOP).

MBW understands that Utopia’s international staff numbers 1,200 folks. That determine contains each contractors and round 800 staff.

A Utopia Tune spokesperson instructed MBW as of late (November 24): “Like many expansion corporations in as of late’s macroeconomic atmosphere, Utopia is making adjustments to its inside construction to optimize the trade.

“We’ve grown impulsively in two years, organically and thru 15 acquisitions. Now, we’re knowing value synergies throughout those acquisitions and that specialize in sustainable expansion. Those adjustments permit us to raised serve the Tune Trade and ship Truthful Pay for Each and every Play.

“Sadly, that suggests pronouncing good-bye to a few of our colleagues as a part of this procedure. This isn’t a choice that was once taken flippantly and we very much worth the contribution of all our staff to Utopia’s adventure thus far.”

“We’ve grown impulsively in two years, organically and thru 15 acquisitions. Now, we’re knowing value synergies throughout those acquisitions and that specialize in sustainable expansion.”

Utopia Tune spokesperson

Utopia is headed up via CEO Markku Mäkeläinen and was once based via Mattias Hjelmstedt.

Hjelmstedt prior to now based media streaming startups Voddler and Magine.

Information of task losses at Utopia follows a wave of layoffs sweeping around the tech-leaning aspect of the worldwide tune trade.

Simply final week, MENA-focused Spotify rival Anghami published that it was once chopping 22% of its headcount. That adopted the scoop in August of SoundCloud‘s aid to its international staff via roughly 20%.

US-based assortment society BMI (Broadcast Tune, Inc) additionally showed in August that it was once shedding “slightly below 10%” of its overall staff.

Spotify was once additionally reportedly lowering its new hiring previous this yr, whilst more moderen on-line rumors have hinted at workforce being let cross from its skill staff. There have been additionally experiences final month of podcast staff being laid off at SPOT.

These days’s information follows a hiring spree at Utopia over the last 14 months – which has taken position along an competitive acquisition technique.

That acquisition spree has incorporated: UK warehouse, success, and distribution company Cinram Novum; UK-based bodily and virtual tune distributor Right kind Tune Crew; and Absolute Label Services and products, every other UK-based distribution and services and products supplier for unbiased artists and document labels.

Previous this yr Utopia additionally obtained Liverpool-based tune writer and publishing management corporate Sentric Tune Crew.

In December 2021 it obtained US-based tune trade listing ROSTR and Austria-based tune information analytics platform, ForTunes.

In October 2021, the company purchased Nashville-based monetary services and products corporate, Lyric Monetary and in September, Utopia purchased Quincy Jones-backed emotional information enrichment corporate Musimap.

Certainly one of Utopia’s senior appointments this yr was once Ulf Zick, who exited his function as Managing Director, World at Common Tune Germany in April to sign up for Utopia.

Remaining week we realized, that simply six months after becoming a member of Utopia as Leader Advertising Officer, Zick’s introduced he’s leaving the Swiss corporate for a task again at Common.

In August, MBW reported that Utopia was once making an attempt to boost €300 million in a Sequence C spherical that may worth its corporate at €2.5 billion.Tune Trade International



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