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Proper Music Group Acquired by Music On Vinyl Owner Artone, Ending ‘Rollercoaster’ Utopia Era

Proper Music Group has been acquired by Artone, bringing an end to a three-year period during which the firm was owned by Utopia Music.

He describes the past three years of Proper being owned by Swiss fintech firm Utopia as being like a “pantomime rollercoaster” that has seen the company often existing “under a cloud” of negativity. A just-as-quick downsizing followed, encompassing multiple rounds of job cuts, company divestments, numerous legal actions and successive executive departures, including the exit of co-founder Mattias Hjelmstedt. Early last year, Utopia rebranded as Proper Group AG, named after its core physical music distribution business, but the widespread changes failed to turn the company around.

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