Last.fm the UK-based music streaming site, launched an Artist Royalty Program that gives musicians a percentage of revenue, Wired reports. That revenue is earned from the advertisements that appear next to the artists' music as it "streams in a radio program or is played on-demand by a visitor to the site."

"This is a big day for DIY artists," said Last.fm co-founder Martin Stiksel in the report. "We're leveling the playing field by offering them the same opportunities as established bands to make money from their music. The young musician making music in a bedroom studio has the same chance as the latest major label signing to use Last.fm to build an audience and get rewarded. "

This is significant because MySpace had promised the same thing, but so far has completely failed to deliver for indie musicians, preferring instead to compensate only major label artists.