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Digital
Omnifone appoints new CFO and Sirius XM alliance
By Andy Malt | Published on Wednesday 24 April 2013
Omnifone has appointed David Finch as its new Chief Financial Officer, replacing Matthew Bagley. Finch previously retired in 2007, but previously held the CFO position at O2.
The company’s CEO Jeff Hughes said: “David’s wealth of knowledge and experience will facilitate Omnifone’s aggressive growth strategy. We are fortunate and pleased to have an executive of David’s calibre join the management team. David’s accomplishments at O2 and experience of delivering results make him the perfect choice for Omnifone as we execute our growth strategy. In addition his experience and exceptional track record as a finance leader in the mobile subscription sector perfectly complement Omnifone’s business model”.
Finch himself added: “Streaming music services are experiencing the fastest revenue growth in digital music, presenting a huge opportunity for Omnifone. Its B2B model is highly operationally leveraged which, together with its flexible cloud-based music platform and world-leading licensing capability, position it well in the market. I’m excited by the unique opportunity to join Omnifone and the highly talented group of people working here at this critical phase in the growth of the company”.
Finch joins the company following its recent announcement of a new alliance with US satellite radio network Sirius XM, supporting the firm’s new personalisation feature known as MySXM. The service allows users to customise music and comedy shows from the satellite platform’s 50+ channels.
Hughes explained: “With over 24 million subscribers, SiriusXM is the clear leader in the audio entertainment space and we’re delighted to support MySXM. The digital music industry made great strides in terms of growth last year and 2013 is shaping up to be a year of further returns. We experienced a 300% increase in subscribers to our cloud music platform alone in 2012. By constantly innovating our cloud music platform to increase flexibility our customers, including SiriusXM, can remain agile and respond to changing consumer demand during this exciting growth phase. The flexibility of our platform enables us to assist digital music services right across the board and positions providers, such as SiriusXM, well for expansion into new areas”.
