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Digital
Last.fm losses down
By CMU Editorial | Published on Monday 6 December 2010
Last.fm made pre tax losses of £2.8 million in 2009, according to a financial report filed with Companies House last week. That’s quite an improvement on the previous year, when the CBS-owned music service lost £17 million.
Revenue was up 74% year on year, to £7.3 million, most coming from advertising sales, and 55% generated in the UK. Costs were also cut, with the staff bill coming down from £6.2 million to £3.7 million. Costs will presumably have come down even further this year given the site has cut some of its more costly services such as fully on-demand streaming, though marketing efforts do seem to have been stepped up of late. Whether that means the company could go into profit year on year sometime soon remains to be seen.
