Brothers Adrian and Julian Borra have joined Team Saatchi as creative directors, resulting in the closure of Elliott Borra Perlmutter.
Wippit is the UK's second-biggest music download site, behind iTunes.
Team Saatchi is expected to unveil a new campaign within six months.
The Borras also bring with them the account for celebrity fashion business William Hunt.
Elliott Borra Perlmutter's future was put in doubt when it lost the £20m Churchill Insurance account in March.