We reported yesterday on the announcement that Absolute Label Services was back in the hands of its original leadership team, having reacquired it from Utopia Music. But what does that mean for the latter company?
Later in the day, a statement from Utopia’s executive chairman Mattias Hjelmstedt was sent to journalists addressing that question. “As part of a strategic evolution, we are refining our focus. Utopia is doubling down on its core service offerings: Physical Distribution, Radio Monitoring, TrackNClaim, Enhance & Discover, HeartBeat, and Accelerate,” said Hjelmstedt.
HeartBeat being the rebranded version of the ForTunes analytics app that Utopia acquired in 2021, while Accelerate is the company’s tool to help clients pay royalties more quickly.
Hjelmstedt also described the decision to let Absolute’s leaders reacquire their company as “a testament to our ongoing commitment to excellence and efficiency”.
Throughout its history, there has been a certain amount of confusion in the wider music industry about how Utopia’s parts fit together into a bigger picture. Sharpening its focus on core services is the right move: the task now will be shaping them into a sustainable business.
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Tools :: Wyng
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