Last.fm is a social music site. It not only creates automatic playlists, but also allows users to interact with each other socially, connecting users based on their music preferences. The site was founded five years ago, and has an estimated 15 to 20 million active users.
Although the company was valued to be worth around £226m ($450m), CBS purchased it for £140m ($280m). It is the largest UK Web 2.0 acquisition, even though larger purchases have been seen in the US, such as Google's purchase of YouTube for £883m ($1.65bn).
Last.fm also stands to benefit from this deal. The team have managed to retain their places and keep the sites identity untouched. Even with over three million music tracks available to listen to, it is no where near the number of songs they aim to have. This purchase by CBS means they now have a much better chance at expanding that number greatly and acquiring even more artists and there tracks.
The site is also quite useful for finding new artists and new styles of music, with its 'Discover new artists' section. It also offers new artists and labels an easy free way of potentially getting there music to the masses.
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