moves closer to profit

CBS-owned online music service has reported a pre-tax loss of £2.8m in 2009, a dramatic improvement on the £17m loss rung up in the previous year.

UK-founded, which was acquired by CBS for $280m in May 2007, grew revenue by 74% year on year to £7.3m in 2009. However net liabilities increased from £19.4m in 2008 to £22.2m last year.

The streaming and recommendations service made £5.4m from advertising sales, £1.3m from subscriptions and £607,394 from affiliate sales, according to's financial report filed to Companies House on 1 December. made just under £4m in revenue from the UK market, about 55% of the total, with 33% coming from the US. The region described as "countries within the European Union" accounted for £682,016 and £164,293 came from the "rest of the world".

The highest-paid director was paid £108,769, down from £126,667 the year before, with total remuneration paid to all directors falling from £253,334 to £213,116.

Total staff costs fell from £6.2m to £3.7m year on year, with the average weekly number of employees falling from 79 to 55.

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