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 "Big Three" music labels A record label or record company is a brand or trademark of Sound recording and reproduction, music recordings and music videos, or the company that owns it. Sometimes, a record label is also a Music publisher, ...

. 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. In 1994, Platinum acquired Diadem, a label active in the

Christian music industry The Christian music industry is one aspect of the broader music industry, with a focus on Christian music and subgenres such as gospel music, southern gospel, contemporary Christian music, contemporary worship music, and even traditional church m ...

, and purchased Intersound Records in 1996. By 1997, the company's revenue was estimated to be $130 million annually. 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. The company closed its distribution subsidiary in June, but was nevertheless forced to declare bankruptcy in July, with liabilities of $52.1 million against assets of $15.7 million. Martin Tudor, a former Intersound executive, reorganized some Platinum assets into a new label named Compendia Music Group.

References

{{Authority control American record labels Record labels established in 1991 Record labels disestablished in 2000 1994 mergers and acquisitions 1996 mergers and acquisitions Defunct companies based in Illinois