Online music service reports pre-tax loss of �2.8m in 2009, up from �17m the previous year
CBS-owned online music service Last.fm has reported a pre-tax loss of �2.8m in 2009, a dramatic improvement on the �17m loss rung up in the previous year.
UK-founded Last.fm, which was acquired by CBS for $280m in May 2007, grew revenue by 74% year on year to �7.3m in 2009. However net liabilities increased from �19.4m in 2008 to �22.2m last year.
The streaming and recommendations service made �5.4m from advertising sales, �1.3m from subscriptions and �607,394 from affiliate sales, according to Last.fm's financial report filed to Companies House on 1 December.
Last.fm made just under �4m in revenue from the UK market, about 55% of the total, with 33% coming from the US. The region described as "countries within the European Union" accounted for �682,016 and �164,293 came from the "rest of the world".
The highest-paid director was paid �108,769, down from �126,667 the year before, with total remuneration paid to all directors falling from �253,334 to �213,116.
Total staff costs fell from �6.2m to �3.7m year on year, with the average weekly number of employees falling from 79 to 55.
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Source: http://www.guardian.co.uk/media/2010/dec/03/lastfm-protit-2009-figures
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