Annual loss increases to £5m in 2010

Bad news from my second-favourite online music service: According to The Register, saw an annual loss of £5m in 2010:

According to the company’s accounts,’s losses increased in 2010, the last year for which records are publicly available. The annual loss grew from £2.89m in 2009 to over £5m in 2010. That was on a turnover of just £7.992m in 2010 (2009: £7.283m). Administrative expenses increased from £2.95m to over £8m.”

Unfortunately The Register did not specify their sources, so we’re left to wonder what exactly “According to the company’s accounts” means.

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