More Utopia Music Shakeups as Co-Founder Mattias Hjelmstedt Exits

Paradise Music co-founder Mattias Hjelmstedt makes his exit in the middle of executive shakeups.

Mattias Hjelmstedt, co-founder and previous head of Paradise Musichas actually left the business in the middle of executive shakeups, several rounds of task cuts, and continuous legal disagreements.

His departure was revealed in a personnel memo acquired by Billboard on Thursday, February 1, sent out by just recently selected CEO Michael Stebler and the board of directors. The memo mentions that after “long conversations” with board members, Hjelmstedt sent his resignation over a desire to commit more time to “brand-new tasks and obstacles.”

“I can state with outright certainty that this was required for the business’s survival,” stated Stebler, who has actually led the business given that mid-January and represents Utopia’s bulk investors. He informed personnel that he and the board are “exceptionally grateful” to Hjelmstedt (envisioned) for “producing and running this incredible business for substantial amount of times.”

Stebler went on to state he was grateful for the “difficult however essential choices” that Hjelmstedt had actually begun executing in 2022, describing the earlier rounds of task cuts. Hjelmstedt chimes in to discuss that the choice to step down from his position at the business “was not ignored.”

“As I move on, I am thrilled to see how Utopia will progress, and I am cheering you all on, as I will constantly be among Utopia’s most significant fans,” stated Hjelmstedt, including that he thinks the business “will continue to grow and prosper,” and is “in capable hands.”

Mattias Hjelmstedta Swedish business owner, co-founded the Swiss-headquartered Utopia Music in 2016 with Thomas Gullberg, leading the business through its tremendous development in between 2020 and 2022. That consisted of scooping up 15 other business such as royalty-backed cash loan company Lyric Financial, music tech business Musimap, and UK-based physical music supplier Proper Music Group.

In late 2022, Utopia started scaling down simply as rapidly, cutting 230 tasks by the end of the year and unloading 3 gotten services: Absolute Label Services, music database platform ROSTR, and UK publisher Sentric.

Hjelmstedt’s newest posts at Utopia consisted of executive chairman and member of the board given that December.