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Utopia Music Co-Founder Mattias Hjelmstedt Exits Company
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.”
“The board and I are, as I’m sure you are too, extremely grateful to Mattias for creating and running this amazing company for significant periods of time,” Stebler, who represents the majority shareholder group behind Utopia Music, told staff. A just-as-quick downsizing swiftly followed, beginning with the axing of around 230 jobs in late 2022 and the subsequent offloading of three of Utopia’s businesses — Absolute Label Services, U.S.-based music database platform ROSTR and U.K.-based publisher Sentric. Speaking to Billboard in January in a rare interview, Hjelmstedt said the ethos behind Utopia Music, whose motto is “Fair pay for every play,” has always been to use technology to help artists, creators and rights holders receive higher returns.
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