Hungaroton was the one and only record and music publisher company in Hungary for about 40 years.
Hungaroton was founded in 1951, since then, its only competitors in the Hungarian music market were record labels like Melodia, Supraphon and Eterna from other socialist countries. Previously called Qualiton, its name was changed to Hungaroton in the mid 1960s. From then, the Qualiton brand remained for folk music publishing, and also new popular music brands (Pepita, Bravó, Krém) were founded.
In the early 1990s the massive import of foreign records caused a serious decrease in Hungaroton’s sales. Although the original company has become bankrupt, new and smaller companies arose on the ruins of Hungaroton. The Hungaroton Gong and Hungaroton Classic companies went private in 1995, and were reunited in 1998 under the name Hungaroton Records Publisher Ltd.