Yeah, I don't know if last.fm is the *best* indicator as to whether or not a band's "underground". A lot of bands still remain unknown of by the general populace, but may get a lot of plays on last.fm because they tend to play in one of the larger metropolitan areas in a given area, and as such, a lot of people in that specific area have heard of them.
A better indicator would be to really research the band. What label are they on, or are they still unsigned? Where have they played, and have they been a support act for other unknown bands, or are they a true up-and-coming band, already headlining the bill for shows? How many albums have they released?
Things like this are better taken into account than last.fm plays.
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