Last.fm is a social network centered around music. In a technique known as “scrobbling,” songs played in iTunes are monitored and a record is kept. By comparing the songs you listen to, with those played by other people, Last.fm calculates your musical “neighbours” (credit for the extra “u” goes to London, where the company is based).

With all the statistics gathered, Last.fm is able to offer some amazing functionality. For example, you can tune in to radio stations customized specifically to play tracks you are likely to enjoy. I, like many others including Fred Wilson, love the service.

Read/WriteWeb has further coverage of the deal, which comes during a time when CBS is actively seeking online partners, in an effort referred to as the CBS Audience Network. Leslie Moonves, President and CEO of CBS Corporation, states that the move is part of CBS’s “transition from a content company into an audience company.”

Congratulations to the team at Last.fm. I’ll continue to use the service as a satisfied customer, while eagerly looking forward to future improvements.