Omnifone, who provides the cloud based digital music service to RIM for BBM Music and other music services reported their first annual profit today. The full details are after the break.Omnifone reported operating cash flow of $6.1 Million for the fiscal year ending April 30th. Revenue rose 188% to $47.2 million.
The profitability and increase in the revenue are a direct correlation of the launch of 3 global services in 12 months; Sony Music Unlimited, BBM Music and rara.com.
Jeff Hughes, CEO of Omnifone, said “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.”
RIM has been pretty silent on the success of BBM Music, but maybe they are keeping this in their back pocket.