BBC News – Omnifone swings to profit as piracy crackdown continues
Omnifone – the British firm that powers music streaming services from Sony and Blackberry – has posted its first annual profit in its nine year history.
The firm filed a pre-tax profit of £2.9m for the year-to-April, compared to a £21.7m loss last year.
Its chief executive linked the news to efforts to restrict internet piracy.
Jeff Hughes added that Omnifone now intended to make its service available to smaller businesses, paving the way for new music subscription products.
The London-based company’s Music Station platform takes care of licensing, digitising and copy-protecting songs on behalf of its clients, as well as providing tools so they can offer their own music streaming software under their own brand.
This includes access to about 22 million tracks across 28 countries on both PCs and mobile devices.
The products compete with rival streaming services such as Spotify and Grooveshark; online music shops, including Apple’s iTunes and Amazon’s MP3 store; and tailored internet radio stations such as Last.fm and Pandora.