Imeem has taken over Yahoo's throne by becoming the No. 1 streaming music site in the United States, Wired reports.

Meanwhile, Yahoo, which "had acquired large music sites like Broadcast, Launch Media and Musicmatch in order to become the top-ranked music-streaming site in the country, has slipped into second place behind imeem in Compete's list of the top 20 U.S. streaming music sites for March."

The report said that Imeem's expensive label deals, which allow it to offer on-demand music from all four majors, plus indies—combined with emphases on social networking and reaching out to blogs—have paid off handsomely. "The site's unique U.S. visitor count rose 58 percent over the previous March to 10.3 million."

Last month, Imeem announced the acquisition of digital rights and content management company SNOCAP. Imeem is also the third largest social network in the U.S., after MySpace and Facebook.