Platinum Entertainment was an American record label that operated in the 1990s.
| Platinum Entertainment | |
|---|---|
| Founded | 1991 |
| Founder | Steve Devick |
| Defunct | 2001 |
| Status | Liquidated |
| Location | Downer's Grove, Illinois[1] |
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]
References
edit- ^ a b c d "Platinum's Home A Hit". Chicago Tribune. May 7, 1997. Retrieved January 20, 2017.
- ^ Collins, Lisa (February 19, 1994). "In the Sprit". Billboard. Retrieved January 20, 2017.
- ^ "Platinum to Buy Intersound Records". The New York Times. November 14, 1996. Retrieved January 19, 2017.
- ^ Morris, Chris (June 10, 2000). "Ichaban Headed For the Auvtion Block; Platinum Entertainment Losses Mount". Billboard. Retrieved January 20, 2017.
- ^ Morris, Chris (July 8, 2000). "Bayside Picks Up Staffers After PED Closure". Billboard. Retrieved January 20, 2017.
- ^ a b Morris, Chris (March 20, 2001). "Platinum Takes Its Latest Reorganization Plan To Bankruptcy Court; Pop Goes Supers' Debut". Billboard. Retrieved January 20, 2017.
- ^ Morris, Chris (October 11, 2003). "Moving Up At Compendia". Billboard. Retrieved January 20, 2017.