Omnifone Announces Year End Financial Results

LONDON--(BUSINESS WIRE)--Omnifone, the leading business-to-business provider of global cloud-based digital music services, today announces that it has made its first profit as a company of US$6.1 million on an EBITDA basis and that revenue has increased by 118 per cent from US$21.6 million to US$47.2 million, for the year ended 30^th April 2012.

Profitability and the increase in revenue are a result of the successful launch of three global services in just 12 months including Sony Music Unlimited, rara.com and RIM’s BBM Music. Omnifone continues to invest heavily in research and development to further enhance the MusicStation^® Platform, its award winning core technology platform which underpins partner services. The MusicStation^® Platform powers digital music services in 28 countries delivering a licensed catalogue of over 22 million tracks.

In addition to research and development investment, Omnifone’s financial strength has enabled it to identify acquisition targets, most recently acquiring the assets of Swedish content management specialist, Global Mediabank.

Omnifone CEO, Jeff Hughes commented: “We have 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.”

“Our success is proof to the industry that the business-to-business model has the potential to be profitable. Scale is important and having achieved profit at scale our aim is to focus on growth across all areas to take the business to the next level. Our sights are set on new market expansion, business development and market consolidation.”

Omnifone develops, licenses and manages worldwide digital music services, enabling partners to deliver cloud-based music services across virtually all connected devices.

About Omnifone

Founded in 2003, Omnifone is an independent business-to-business provider of global cloud-based digital music services. Omnifone develops, licenses and manages scalable digital music services to enable partners, such as Sony, HP, RIM and rara.com, to deliver cloud-based music services across virtually all connected devices. These include smartphones, such as Android, iOS and Blackberry, PCs, Macs, tablets, games consoles, connected TVs, set-top boxes, home cinema systems, automotive entertainment systems, Blu-ray players, MP3 players and web browsers.

Omnifone’s award winning MusicStation® Platform is the proprietary cloud-based technology that powers more digital music streaming services, in more countries and across more connected devices than any of its competitors. Omnifone is a chartered member of the Digital Data Exchange (DDEX) and a member of the Global Repertoire Database (GRD) Working Group.

Find out more about Omnifone: http://www.omnifone.com

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