article

http://www.theguardian.com/media/2014/oct/08/last-fm-made-loss 

Last.fm made loss of £2.1m last year 

This article tells us that Last.fm lost £2.1m last year as revenues slumped more than 20%. Last.fm competes with other internet music providers and has made annual losses since aquired by the US broadcaster in 2007 for $280m. 

• Revenues fell 22.8% from £6.38m to £4.92m. 

• UK revenues almost halved (from £1.28m to £693,000); US revenues fell by 22% (£3.6m to £2.8m); rest of world slumped by 60% (£725,655 to £288,859). 

• The only bright note was countries within the EU, which grew from £740,659 to £1.12m.

• Cost of sales almost halved from £5m to £2.78m year on year. 

• Staff numbers fell from 61 to 35 with the total cost of wages and salaries dropping from £3.7m to £2.75m.

Internet music/video providers such as YouTube have made the most profit for a running while, Therefore it would be difficult for a site like Last.fm to compete, so it is understandable why revenues fell for them. However I would blame the media giants for this as the majority of the most popular sites are owned by a minority so they make the most profit so is difficult for other similar sites to compete.