Last.fm loses £4m

CBS-owned online music service Last.fm made a loss of almost £4 million last year, as income sank by 70 per cent at its UK operation.

The company’s financial filing shows that total revenues fell 21 per cent year-on-year from £8.13 million in 2011 to £6.38 million last year. Gross profits more than halved, from £3.7 million to £1.4 million, with pre-tax losses narrowing slightly from £4.4 million to £3.94 million.

Last.fm derives the majority of its revenue from display and video advertising across its “traditional computer-based, mobile and other connected device platforms”. Advertising revenues fell by 23 per cent to £4.33 million. Subscriptions revenues shrank 12 per cent to £1.55 million.

Last.fm took its biggest revenue hit in the UK, the company’s largest market, where income fell by 69 per cent from £4.15 million to £1.27 million.

Revenues from its US operation grew by 22 per cent, from £2.98 million to £3.64 million, which now makes it Last.fm’s biggest market in terms of revenue.

Revenue from “countries within the European Union” stayed flat at £740,000, with the “rest of the world” tripling to £725,000.

Last.fm said that its global unique user base was 23 million at the end of last year.

Posted by on Dec 13 2013. Filed under Articles, Business, Digital Radio, Results.

Search Archive

Search by Date
Search by Category
Search by keyword
Copyright Advanced Television Ltd © 2001-2014