Platinum Entertainment | |
---|---|
Founded | 1991 |
Founder | Steve Devick |
Defunct | 2001 |
Status | Liquidated |
Location | Downer's Grove, Illinois [1] |
Platinum Entertainment was an American record label that operated in the 1990s.
The company was founded by Steve Devick in 1991, who reorganized his River North Studios recording studio into a record label. [1] The company initially sold primarily gospel music, but diversified into other genres, primarily by signing older but still active acts instead of developing new artists. [1]
In 1994, Platinum acquired Diadem, a label active in the Christian music industry, [2] and purchased Intersound Records in 1996. [3]
By 1997, the company's revenue was estimated to be $130 million annually. [1] However, by the turn of the century Platinum had begun to lose money—its first quarter financial report in 2000 showed that the company had lost $3.9 million in the quarter and had just $3,000 in cash. [4] The company closed its distribution subsidiary in June, [5] but was nevertheless forced to declare bankruptcy in July, with liabilities of $52.1 million against assets of $15.7 million. [6] Martin Tudor, a former Intersound executive, reorganized some Platinum assets into a new label named Compendia Music Group. [6] [7]
Platinum Entertainment | |
---|---|
Founded | 1991 |
Founder | Steve Devick |
Defunct | 2001 |
Status | Liquidated |
Location | Downer's Grove, Illinois [1] |
Platinum Entertainment was an American record label that operated in the 1990s.
The company was founded by Steve Devick in 1991, who reorganized his River North Studios recording studio into a record label. [1] The company initially sold primarily gospel music, but diversified into other genres, primarily by signing older but still active acts instead of developing new artists. [1]
In 1994, Platinum acquired Diadem, a label active in the Christian music industry, [2] and purchased Intersound Records in 1996. [3]
By 1997, the company's revenue was estimated to be $130 million annually. [1] However, by the turn of the century Platinum had begun to lose money—its first quarter financial report in 2000 showed that the company had lost $3.9 million in the quarter and had just $3,000 in cash. [4] The company closed its distribution subsidiary in June, [5] but was nevertheless forced to declare bankruptcy in July, with liabilities of $52.1 million against assets of $15.7 million. [6] Martin Tudor, a former Intersound executive, reorganized some Platinum assets into a new label named Compendia Music Group. [6] [7]