Launched in late 1965 with the single "Someday" by former Aztecs guitarist Tony Barber, the label was originally called Everybody's, which was also the name of the popular teen magazine published by the Packer family's Australian Consolidated Press.
According to Australian historian Bill Casey, the overt cross-promotion reportedly met with resistance from commercial radio, so the label was re-badged as "Spin" after only four singles.
The early Spin releases were produced (or co-produced with Ossie Byrne) by Nat Kipner, or by noted producer-arranger Bill Shepherd, who accompanied the Bee Gees to the UK in 1967 as their musical director.
It went to #1 in other cities including Melbourne, and reached #1 on the newly established national Top 40 in Go-Set magazine, which also named it "Best Record of the Year".
Hugh Gibb also questioned the legality of the boys' contract—they were all under 18 when they signed with Leedon—but Festival managing director Fred Marks negotiated a compromise, agreeing to release the trio from their Leedon contract on condition that they transfer to the Spin label.
Artists on the Spin roster included former Aztecs guitarist Tony Barber, Steve & The Board (led by Nat Kipner's son and future hit songwriter Steve Kipner), Ronnie Burns, Toni McCann, Ray Columbus, Jeff St John, Marty Rhone, Tony Summers, Chris Hall & The Torquays, The Sunsets (later renamed Tamam Shud), The Ram Jam Big Band, Janice Slater, The Dave Miller Set, and expatriate Hungarian fusion group Syrius, which featured legendary Australian jazz-funk bassist Jackie Orczarsky.
Spin's last two LPs—The Bee Gees' compilation Double Gold, and Mr Natural (1974) were issued under Festival's new L series catalogue.
The Spin name was revived briefly in 2000 for what was planned as an extensive series of commemorative CDs that were to have been issued to mark the company's 50th anniversary, but the project was cancelled after only a few releases, due to cost-cutting and restructures.
Despite those measures, Festival Mushroom went into liquidation in mid-2005 and its entire recording archive—including the Spin catalogue—was sold to the Australian division of Warner Music in October 2005, for a reported AU$10 million.