Utopia Music has laid off 15% of its global workforce.
Hjelmstedt went on to say that adjusting to these strategic changes “has been a big, but necessary undertaking” that has optimized the company’s client offering “and already seen an uplift in customers.” that some Utopia employees had not been paid and the company’s Swedish arm, Utopia R&D Tech, owes 8 million SEK to the Swedish tax authorities, the CEO said “all outstanding tax debts have been cleared” and legacy issues regarding staff payments were “in the process of being cleaned up.
“We continue to actively work on this process to ensure that we never find ourselves in this position again,” said Hjelmstedt, adding that the company – which had a workforce of around 1,000 employees internationally prior to sale of Sentric – will soon share information on “commercial initiatives, deals, and sales strategies” that will drive future revenue growth.
Together, we’ve very carefully reviewed our organization against our refocused product and commercial roadmaps, and specific needs, and must share the unfortunate news that, as part of this strategic shift, we need to say goodbye to around 15% of our Utopian colleagues. Our distribution companies are not affected by this review. Thomas and I created Utopia by combining two of our great loves – music and technology – and we’ve built it together with you.
Adjusting to these changes has been a big, but necessary undertaking. We’ve sharpened our strategic focus these past three months through targeted sales – bringing in further capital as an additional benefit – and we appointed a new, mature leadership team that’s equipped to move Utopia towards profitability.
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