| Platinum Entertainment | |
| Founder: | Steve Devick |
| Status: | Liquidated |
| Location: | Downer's Grove, Illinois |
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]