View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
September 12, 2012

Omnifone reports 118% rise in revenue

Music services provider reports first profit

By CBR Staff Writer

UK-based private music services provider Omnifone has reported a 118% rise in its revenues for the year ended 30 April 2012 to £29.5m and recorded its first profit of about £3.8m since its launch nine years ago.

The company had attributed the rise in revenue to growing restriction on internet piracy in addition to rise in demand for cloud-based music services.

Omnifone CEO Jeff Hughes said the company has experienced fantastic momentum on all fronts over the past year and have achieved profitability as a result.

"The growth of smartphones, connected devices and the availability of high speed connectivity has led to an increased demand for cloud-based music services, opening up a land grab opportunity for the digital music industry," Hughes said.

"Our sights are set on new market expansion, business development and market consolidation."

Omnifone is now planning to offer its services to smaller businesses, paving the path for latest music subscription products.

The firm’s Music Station platform manages licensing, digitising and copy-protecting songs for its clients, in addition offers tools which allow clients to offer their own music streaming software with their own trade name.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

The MusicStation Platform provides access to about 22 million tracks, while powering digital music services in 28 countries.

Omnifone has launched three new global services, which include Sony Music Unlimited, and RIM’s BBM Music, which will be pre-installed in HP’s PCs.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.