STOCKHOLM, Sweden (Hypebot) – Mubito, which builds direct-to-consumer web platforms for artists and record labels, has entered administration. The Swedish company will continue to operate while a court appointed administrator seeks a buyer.
Andrew Martyn, the CEO and founder, has left the company as part of a restructuring that will reportedly see the company shrink from 45 to 30 employees. Jorgen Gransoe of Norventum Capital is running the company temporarily and is implementing a plan to re-launch Mubito later this month.
