Fifteen months after it first announced the feature, Last.fm is finally introducing a premium subscription model worth its name, as it tries to generate enough money to both pay royalties and satisfy its owner CBS (NYSE: CBS) Interactive.

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The music site made a song and dance back in January 2008, when it announced users would get to stream more than three full tracks in a row under an upcoming subscription model. But the model never materialized. Today, co-founder Richard Jones confirmed Last.fm will, beginning March 30, charge €3 ($4) a month for the existing “Last.fm Radio” - a catch-all term that refers to personalized, back-to-back full-track streams. The fees will apply everywhere except the UK, U.S. and Germany—Last.fm is effectively raising the pay wall everywhere it doesn’t have a significant user base.

Last.fm gave no explanation for the change, but as UK royalty collector PRS For Music told us yesterday, with online advertising slowing, it’s high time online music services started making some money if these companies are to pay for the songs their users play. When Warner Music Group (NYSE: WMG) chose not to renew its deal with Last.fm in June, it was reported to be partly through disappointment at the no-show of the subscription model, through which Last.fm would also make payments to labels.