ZUG, SWITZERLAND (CelebrityAccess) – Mattias Hjelmstedt, the co-founder and former head of Utopia Music, has officially left the company following a recent shake-up in its executive ranks earlier this year.
The announcement of Hjelmstedt’s departure came via a memo to staff on Thursday (February 1) from the newly appointed CEO, Michael Stebler, and the board of directors, as reported by Billboard.
The memo states that Hjelmstedt resigned after “long discussions” with board members because he wanted to dedicate more time to pursuing “new projects and challenges.”
“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. Stebler said he was grateful for the “tough but necessary decisions” that Hjelmstedt began implementing in late 2022.
In the memo, Hjelmstedt explained that resigning stemmed from a desire to dedicate more time to new projects and challenges. He highlighted his belief that the company, now under new management, is in capable hands and will continue to grow and succeed.
The co-founder, who played a pivotal role in the company’s hyper-growth between 2020 and 2022, overseeing the acquisition of 15 companies, also reflected on the challenging downsizing phase in late 2022.
Utopia Music provides financial and tech product services to music companies, including royalty tracking and processing, and operates a core UK physical distribution business. It has experienced significant shifts in leadership and strategy over the past year.
Hjelmstedt, now an ardent supporter of Utopia’s future, expressed excitement about the company’s evolution and cheered on the staff, emphasizing his continuous support for the company’s growth. “As I move forward, I am excited to see how Utopia will evolve, and I am cheering you all on, as I will always be one of Utopia’s biggest fans,” the co-founder told staff.
Utopia Music’s motto, “Fair pay for every play,” has been focused on using technology to enhance returns for artists, creators, and rights holders. Hjelmstedt emphasized that their ethos has always been about helping the industry improve and grow.
