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The main point is searching by tags, although you can listen to previews on both platforms, and Last.fm also has free compositions.
I don't see any reason to categorize Last.fm and VKontakte as different, as Last.fm is also a social network, with its own groups, VIPs (called subscribers), etc. Perhaps the thematic trolling and the requirement to post a photo are the differences, although I haven't posted a photo on VKontakte either :3.