Red Bull Music Academy and Red Bull Radio to close this year

Both organizations are set to close on October 31.

Red Bull Music Academy and Red Bull Radio will close this year, following the energy drink company’s decision to part ways with consultancy company Yadastar, which over saw both operations.

Sources told Resident Advisor that employees of RBMA and Red Bull Radio were informed that both entities will end in their current form on October 31. Red Bull Music will continue, but will be operated by Red Bull in specific territories. Red Bull provided the following statement to Resident Advisor:

“After 20 years of supporting artists worldwide with its music program in a rapidly changing world, Red Bull will maintain its purpose of providing a global platform to promote creativity—but it is changing the means of delivery. Red Bull will be moving away from a strongly centralized approach, will gradually phase out the existing structure and will implement a new setup which empowers existing Red Bull country teams and utilizes local expertise. Red Bull will continue to explore new ways to support promising and cutting-edge artists wherever they may be.”

Yadastar have also released a statement via social media, check it out below.