Omnifone placed into administration

Omnifone canvasOmnifone announced that it has been placed into administration. Sources told Music Week that the B2B digital music platform is also facing layoffs for up to three-quarters of its staff. A note on the company’s website confirmed that it is in administration, but gave no details about next steps for the business.

The company has several familiar brands as clients, such as Milk Music, Pono Music, and Line Music. Doug Imrie was instated as the company’s new CEO in March as part of a “transition in business strategy.” It has been seeing increased losses, from £6.1 million in the 2013 fiscal year to £6.9 million in 2014.

Anna Washenko

One Comment

  1. An on demand music company’s longevity is determined not by its ability to execute but rather by its ability to fundraise.

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