Platinum Entertainment

Platinum Entertainment was an American record label that operated in the 1990s.

Platinum Entertainment
Founded1991 (1991)
FounderSteve Devick
Defunct2001 (2001)
StatusLiquidated
LocationDowner'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
  1. "Platinum's Home A Hit". Chicago Tribune. May 7, 1997. Retrieved January 20, 2017.
  2. Collins, Lisa (February 19, 1994). "In the Sprit". Billboard. Retrieved January 20, 2017.
  3. "Platinum to Buy Intersound Records". The New York Times. November 14, 1996. Retrieved January 19, 2017.
  4. Morris, Chris (June 10, 2000). "Ichaban Headed For the Auvtion Block; Platinum Entertainment Losses Mount". Billboard. Retrieved January 20, 2017.
  5. Morris, Chris (July 8, 2000). "Bayside Picks Up Staffers After PED Closure". Billboard. Retrieved January 20, 2017.
  6. Morris, Chris (March 20, 2001). "Platinum Takes Its Latest Reorganization Plan To Bankruptcy Court; Pop Goes Supers' Debut". Billboard. Retrieved January 20, 2017.
  7. Morris, Chris (October 11, 2003). "Moving Up At Compendia". Billboard. Retrieved January 20, 2017.
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