Online music service Last.fm has dramatically narrowed its pre-tax loss, announcing a £2.8m loss for last year, compared to a £17m loss the previous year.
The CBS- owned site said revenues climbed 74% year-on-year to £7.3m, although net liabilities climbed from £19m to £22.2m.
The music streaming and recommendations service said £5.4m was earned in advertising and £1.3m from subscriptions.
CBS paid $280m for Last.fm in 2008, which made 55% of its revenue from the UK, and 33% from the US.
The UK is Last.fm’s biggest market, accounting for 54.8% of total revenues. The US made up 33.5%. The remainder was split between EU nations (9.4%) and ROW (2.3%).
