"Utopia never really understood what Proper was or what we did or maybe even why they bought us," says the UK distributor's longtime managing director.
A switch to Proper Music Group follows a tumultuous '23, and reflects "changes to our strategic direction, where distribution sits at the core of the commercial value chain."
Hjelmstedt said the decision to step down "was not taken lightly, but it comes with a deep belief that it's the right thing to do."
Eight months after suing over the failed deal, SourceAudio says in a new lawsuit that Utopia's "gameplaying must come to an end.”
Alain Couttolenc succeeds Mattias Hjelmstedt, following a challenging year of layoffs and divestments for the Swiss music company.
The 25,000-square-foot facility's opening follows layoffs and office closures at the company, which hopes to capitalize on strong demand for physical formats.
In a memo to staff, co-founder Mattias Hjelmstedt writes the fintech firm is further "streamlining" its operations as part of its transition to a "more efficient setup."
Absolute's leadership team will fully reacquire the company from Utopia, which has made three major divestments so far this year.
In a memo to staff, co-founder Mattias Hjelmstedt writes the fintech firm is doing "what is necessary to secure the future of the company."
The fintech firm's CEO believes a faster and more transparent royalty process will "help all facets of the industry earn more money."
