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Venture Capital
by tj on May 30, 2007
LONDON/ NEW YORK (Reuters) - CBS Corp. said on Wednesday it bought Last.fm, the online music service that allows fans with similar tastes to connect, for $280 million in a bid to attract young audiences.
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The London-based service has more than 15 million active users in over 200 countries, CBS said, and has earned praise for a system that recommends songs by tracking users' music-playing habits and linking them to other fans with similar tastes.
Within a year, CBS aims to apply Last.fm's technology to build new communities for online videos that will include its own archive of hit shows, CBS digital chief Quincy Smith said in a phone interview.
Congrats to the last.fm team - what an exit!
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