OtherCH

Utopia Music Layoffs

April 2023

Utopia Music announced a layoff affecting 0 employees (15% of its workforce) in April 2023. The company operates in the Other sector.

People Affected

Percentage

15%

Announced Date

Apr 17, 2023

About

Swiss-based tech company Utopia Music is cutting around 100 jobs, representing about 15% of its global workforce, as announced in a staff memo on Monday. This is the second round of layoffs in six months, following a 20% reduction in November, as part of a strategic shift to focus on financial services for the music industry. The company, which has been restructuring and divesting some recently acquired assets, cites market conditions and the need to adjust after a period of rapid growth.