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Utopia Music CEO Plans to Hold Onto Distribution Services Amid Company Cutbacks

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Mattias Hjelmstedt claims the Swiss-based tech company is on a “clear path to profitability” and won’t be offloading its U.K. distribution businesses.

, resulting in the loss of another 25 jobs. In under one year, the firm’s global workforce has been trimmed from approximately 1,200 staff to around 440.legal action from U.S. music technology company SourceAudio

Key to its future growth, Hjelmstedt says, will be its two main physical music distribution entities: Proper Music Group, which provides distribution services for over 5,000 indie labels and service companies, and Utopia Distribution Services .

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