The CBS-owned streaming music service, which had 23 million subscribers in 2012, showed a loss of $6,517,237 last year, as income sank by 70% at its UK HQ, per a financial filing and as reported by Advanced Television: “Total revenues fell 21% YOY from $13,247,888 million in 2011 to $10,396,155 million last year. Gross profits dropped $6,029,165 million to $2,281,305 million, with pre-tax losses narrowing from $7,169,636 million to $6,420,149 million.” (we converted pounds to dollars here)
Last.fm said it garners most of its revenue from display and video advertising across its “traditional computer-based, mobile and other connected device platforms”. Ad revenues fell by 23% to $7,055,646 million. Subscription revenues dropped 12% to $2,525,820 million.
Last.fm took its biggest revenue hit in the UK, the company’s largest market, where income fell by 69%. Revenues in the US grew by 22%, which now makes it Last.fm’s biggest market, revenue-wise.
Revenue from “countries within the European Union stayed flat, with the “rest of the world” tripling.