I think it is presumptuous to assume that they new they would have to adopt this business model 7 years ago.
They gave a 5 day notice, they haven't put it on Last.fm's home page and they haven't assuaged users' fears. That is still a terrible way to treat the community who has basically provided the information the service needed in order to be as good as it is.
I don't think that that is presumptuous to expect of them.