Last.fm was named the official media partner for this summer's Lollapalooza festival. It is the first time the service has teamed with a live event.

Through the partnership, Last.fm will power "Lolla Radio," an online radio station featuring tracks from all the artists in the festival lineup. It also will be available as a widget that fans can embed in their blogs or social networking profiles.

It is in many ways similar to what Clear Channel's erockster did with Coachella at launch. The Internet radio station launched by streaming tracks exclusively from Coachella artists, and took the extra step of taking over a local radio station. There was no official partnership with Coachella for that initiative.

Buzznet partnered with Coachella as its official music blog, which to date has not offered the same kind of streaming music or radio features that Last.fm is planning for Lollapalooza.