’s latest set of financial results show the company’s tough times in 2013, as its revenues declined 22.8% to £4.92m, and its headcount dropped from 61 to 35. The latter is part of the reason for a brighter spot in the results: net losses nearly halving to £2.1m for the year, although the fact that this came from cost-cutting suggests that the CBS subsidiary still faces a struggle to pull itself out of the red. Of the revenues, £3.55m came from advertising while just over £1m came from subscriptions, according to the Guardian. The results claim that’s shift away from subscriptions and streaming music itself – working with Spotify and YouTube instead – has been a positive move. “ will benefit from significant cost savings by no longer streaming which significantly outweigh the associated loss of revenue,” claimed its financial report. Can scrobbling boost those revenues again? The jury’s out, to say the least.

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