Platinum Entertainment

{{Infobox record label

| name = Platinum Entertainment

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| founded = {{Start date|1991}}

| founder = Steve Devick

| defunct = {{End date|2001}}

| status = Liquidated

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| location = Downer's Grove, Illinois

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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.{{cite news|url=https://www.chicagotribune.com/1997/05/07/platinums-home-a-hit/|title=Platinum's Home A Hit|newspaper=Chicago Tribune|date=May 7, 1997|access-date=January 20, 2017}} 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,{{cite magazine|last=Collins|first=Lisa|magazine=Billboard|title=In the Sprit|date=February 19, 1994|url=https://books.google.com/books?id=KQgEAAAAMBAJ&pg=PA38|access-date=January 20, 2017}} and purchased Intersound Records in 1996.{{cite news|url=https://www.nytimes.com/1996/11/14/business/platinum-to-buy-intersound-records.html|title=Platinum to Buy Intersound Records|newspaper=The New York Times|date=November 14, 1996|accessdate=January 19, 2017}}

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.{{cite magazine|last=Morris|first=Chris|title=Ichaban Headed For the Auvtion Block; Platinum Entertainment Losses Mount|magazine=Billboard|date=June 10, 2000|url=https://books.google.com/books?id=mg8EAAAAMBAJ&pg=PA78|access-date=January 20, 2017}} The company closed its distribution subsidiary in June,{{cite magazine|last=Morris|first=Chris|title=Bayside Picks Up Staffers After PED Closure|magazine=Billboard|date=July 8, 2000|url=https://books.google.com/books?id=4A8EAAAAMBAJ&pg=PA7-IA3|access-date=January 20, 2017}} but was nevertheless forced to declare bankruptcy in July, with liabilities of $52.1 million against assets of $15.7 million.{{cite magazine|last=Morris|first=Chris|title=Platinum Takes Its Latest Reorganization Plan To Bankruptcy Court; Pop Goes Supers' Debut|magazine=Billboard|date=March 20, 2001|url=https://books.google.com/books?id=6xMEAAAAMBAJ&pg=PA67|access-date=January 20, 2017}} Martin Tudor, a former Intersound executive, reorganized some Platinum assets into a new label named Compendia Music Group.{{cite magazine|last=Morris|first=Chris|title=Moving Up At Compendia|magazine=Billboard|date=October 11, 2003|url=https://books.google.com/books?id=GREEAAAAMBAJ&pg=PA72|access-date=January 20, 2017}}