Grooveshark is a service of Escape Media Group Inc (EMG), a Gainesville, FL company. EMG was founded in March 2006 by three University of Florida undergrad students(Sam Tarantino,Josh Greenberg and Andres Barreto)

Grooveshark launched in private beta in early 2007, and was initially a paid music download service.
Sam and Josh has since then pursued the business, taking a leave of absence from the University of Florida.

Grooveshark is now a web-based music application built for anyone on the internet to listen to music on-demand at no charge.

They also have cool features such as the Twitter-like social feature allows users to "follow" each other to make it easier to share songs by clicking a special heart icon which adds it to the logged-in user's list of favorite users.

They've signed deals with more than 600 record labels that have allowed their music to be sold through the network.

Tarantino says Grooveshark now has 23 full-time employees.

Grooveshark currently streams between 50 to 60 million songs per month, to more than 400,000 users.
Although they will need to sort out their issues with copyright and stop getting sued, Maybe the new partnership with EMI just might do the deal.