How much?! Last.fm rakes it in
Spending the last five years nurturing the music community website has paid off handsomely for three London-based entrepreneurs, after striking a deal with US-based radio conglomerate CBS. I’m still finding it difficult understanding how exactly a website becomes worth $280m, but I suppose attracting 15 million users is something not to be sniffed at. The deal is apparently part of a plan by CBS to attract a younger demographic, presumably to re-divert music and video previously snubbed by younger music lovers tuning-out of mainstream radio, in favour of their own custom online playlists. But enough of my wildly speculative conjecture.
Source: BBC News
Tags: last.fm, music business