Back in the boom days of Web 1.0 Yahoo spent something like $160 million buying Musicmatch and more on other sites like Broadcast and Launch Media in an effort to become the biggest thing in online music. They stayed top of the tree for quite a while, but, as of March 2008 they're now playing in second place behind imeem.com - at least according to Compete who published a list of top music sites today.
Many of the top music sites lost traffic in the last 12 months - yahoo, aol, myspace and msn all lost users while imeem grew by 58%. Many other Web 2.0 sites also grew, or appeared on the list for the first time, including Muxtape which squeaked in at #20 despite beig launched less than a week before the survey window closed. Projectplaylist was the only Web 2.0 property to lose users in the last 12 months, not a good sign for the company which is now getting sued by the record industry.