Last.fm loses almost £4m as UK income plummets 70%. CBS-owned online music service's financial filing for 2012 reveals total revenues fell 21% year-on-year to £6.38million...
Last.fm's income at its UK operation plummeted 70%, but revenue at its US operation grew by 22%.
A online music service called 'Last.fm' owned by CBS as loss almost £4 million last year, as income plummeted 70% at its UK operation. Its global unique user base was 23 million at the end if the year, moreover the company's financial filing shows that the total revenues fell 21% year on year from £8.13 million in 2011 to £6.38 million last year. Last.fm derives the majority of its revenue from display and video advertising across its "traditional computer-based, mobile and other connected device platforms". In December last year the service introduced a paywall and scrapping its radio streaming offering altogether in most countries.
- Gross profits more than halved, from £3.7 million to £1.4 million.
- Gross profits more than halved, from £3.7 million to £1.4 million.
- Advertising revenues fell by 23% to £4.33 million.
- Last.fm took its biggest revenue hit in the UK, the company's largest market, where income fell by 69% from £4.15m to £1.27m.
- The company employed 51 staff – 30 of them "technical" – in 2011. This number rose to 61 last year, with 37 technical and 18 sales.
- The salary bill for last year was £3.7m, up slightly from £3.4m in 2011.
The company has lost a huge amount of profit including their revenues as the statitics above show the differences of the past three years of the service. The online music service is used by tens of millions of audiences each month therefore it could still be successful as company's do have their negative points.
- Last.fm took its biggest revenue hit in the UK, the company's largest market, where income fell by 69% from £4.15m to £1.27m.
- The company employed 51 staff – 30 of them "technical" – in 2011. This number rose to 61 last year, with 37 technical and 18 sales.
- The salary bill for last year was £3.7m, up slightly from £3.4m in 2011.
The company has lost a huge amount of profit including their revenues as the statitics above show the differences of the past three years of the service. The online music service is used by tens of millions of audiences each month therefore it could still be successful as company's do have their negative points.
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