Last.fm has announced they will begin to pay bands/artists that are on their site percentages of the revenue they earn from the advertising. They will start doing this on Wednesday, July 16th. It’s a groundbreaking announcement, essentially taking the model that Myspace has made popular, utilizing a social networking site as a homebase/website for a band, and taking it to the next level by paying the artist.

Last.fm is a music-oriented social networking site based out of the U.K. They are best known for being able to interact with your computer’s music library and compose databases of your playlists and favorite artists for you to display in a widget format.

Tags: News, industry news, last.fm, music news //