Enterprise Information Trade Folks Labels & Publishers
By Chris Cooke | Revealed on Monday 28 November 2022
The not too long ago expansive and acquisitive Utopia Music final week confirmed a structural rejig which can even end in a downsizing of the group’s complete workforce.
The enterprise will now have two most important divisions. Utopia Music Tech will likely be led by Roberto Neri and brings collectively lots of the agency’s excessive profile acquisitions, together with Sentric Music, Absolute Label Providers, Correct Music and Cinram Novum. Utopia Royalty Platform will likely be headed up by CEO Markku Mäkeläinen and contains the corporate’s knowledge operations and analysis unit.
The downsizing will seemingly happen within the latter division, with a memo to workers final week confirming a plan to cut back workforce prices by about 20%.
In keeping with Music Week, Mäkeläinen wrote within the memo that: “As we now have grown through acquisitions tremendously rapidly, we have to realise synergies, take away overlaps to make the Royalty Platform division leaner, and enhance the rate of our worth creation”.
In the meantime, a spokesperson for Utopia informed reporters: “Like many progress firms in at the moment’s macroeconomic setting, Utopia is making modifications to its inside construction to optimise the enterprise. We’ve grown quickly in two years, organically and thru fifteen acquisitions. Now, we’re realising price synergies throughout these acquisitions and specializing in sustainable progress”.
“These modifications allow us to raised serve the music business and ship honest pay for each play”, they went on. “Sadly, meaning saying goodbye to a few of our colleagues as a part of this course of. This isn’t a choice that was taken evenly and we enormously worth the contribution of all our workers to Utopia’s journey to date”.
