B2B digital music firm Omnifone is planning to invest in and/or acquire other music startups, according to CEO Jeff Hughes. “We’re going to make a profit this year, and we’ll start to invest in companies over the next 12 to 18 months; in some of the smaller companies we think will make larger steps in digital music,” he tells PaidContent. “We’re not huge and would be very disciplined. There will be two types of companies – some that provide B2B services and some of the direct-to-consumer companies out there that need help to get started.” Strangely, one music service that Omnifone has no stake in is Rara.com, despite it having been launched by its chairman Rob Lewis, with Hughes himself listed as a director in its Company House filing at launch.
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