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| From | "Jaimie Vernon" <bullseyecanada@hotmail.com> |
| Subject | Last.fm bought by CBS |
| Date | Thu, 31 May 2007 22:47:38 -0400 |
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Music site Last.fm bought by CBS
Last.fm logo
Last.fm connects users who share the same music tastes
Social music site Last.fm has been bought by US media giant CBS Corporation
for $280m (£140m), the largest-ever UK Web 2.0 acquisition.
The online network was founded in the UK five years ago and it now has more
than 15 million active users.
It allows users to connect with other listeners with similar music tastes,
to custom-build their own radio stations and to watch music video-clips.
Last.fm founding member Martin Stiksel said it was an "exciting
opportunity".
Last.fm is one of the fastest growing online communities out there
CBS Corp
As part of the deal, Last.fm's managing team will remain in place and the
site will maintain its own separate identity.
Mr Stiksel said: "This move will really support us to get every track ever
recorded and every music video ever made onto Last.fm.
"With a strong partner like CBS, this is now within our reach."
Dot.com boom
CBS Corporation has business interests in TV, web and radio.
CBS radio is the largest radio group in the United States, with 179 stations
in the top 50 markets covering news, rock, country and urban music.
The firm's president and CEO Leslie Moonves said: "Last.fm is one of the
fastest growing online communities out there."
Music lover
The web has helped revolutionise listening to music
He said Last.fm's strength in building communities around music and
syndicating content was "central to CBS".
He added: "Their demographics also play perfectly to CBS's goal to attract
younger viewers and listeners across our businesses."
CBS is not the first major player to purchase up-and-coming websites for
millions or even billions of dollars, prompting what some have called the
second dot.com boom.
In 2005 Rupert Murdoch's News Corp snapped up social networking site MySpace
for $580m (£290m). And last year, search engine Google paid $1.65bn (£883m)
for video site YouTube.
Mr Stiksel said Last.fm would retain an independent identity.
He said CBS was buying "great technology and a very vibrant, active
community".
"They want to move from a content company to an audience company giving the
audiences control and learning from this and that's why Last.fm was their
choice," he added.
Being in London has helped us; it's the best place to do things with music
full stop
Martin Stiksel, Last.fm
Mr Stiksel said he did not think that users would feel disappointed that a
mainstream media firm had bought the site.
"When we said revolution we mean that - we put the users in charge. CBS gets
this. "They understand that consuming media is changing, the patterns are
changing."
Online network
As part of the acquisition, the Last.fm management team, including founders
Felix Miller, Martin Stiksel and Richard Jones, will continue to
independently run the online network
Mr Stiksel said the deal proved that Web 2.0 companies did not have to be in
the United States to succeed.
"Being in London has helped us; it's the best place to do things with music
full stop. It's the place that leads the world."
The three founders will now be among the most successful - and potentially
wealthy - Web 2.0 pioneers in the world.
Mr Stiksel said: "The success of the site is the most important thing. With
a strong partner we can add the features we always dreamed about."
Jaimie Vernon,
President, Bullseye Records
http://www.bullseyecanada.com
SWAG:
http://www.cafepress.com/bullseyecanada
BULLSEYE LIVE 365 RADIO:
http://www.live365.com/stations/bullseyerecords
Author, Canadian Pop Music Encyclopedia
http://jam.canoe.ca/Music/Pop_Encyclopedia/
http://www.myspace.com/jaimievernonsmovingtargetz
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