Last week it was reported in the BBS News that Last.FM has been purchased by CBS Corp for $280 million. The online music streaming site was started 5 years ago in the UK and sports 15 million users. The site is one of the first in a growing field to allow users to create their own custom radio stations and watch music video clips. Users can share their stations with other users who have similar tastes in music.

Last.FM joins an elete group of startups that have attacted the attention of big corporations. Last year, Google snapped up YouTube and in 2005 Rupert Murdoch’s News Corp bought MySpace. Founding member Martin Stiksel is confident that site will retain its independent identity and continue to cater to its growing community.

Like much in the digital music world, good ideas comes from individuals and small starups. This is where the real innovation is. While the big companies are floundering about trying to figure out this new world order, it’s the little guys who are making it happen.

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