I have Launchcast Premium on my Yahoo Instant Messenger. The problem
is that it no longer displays the song name and album info at the
bottom. I have removed Yahoo Instant Messenger and redownloaded it and
relaunched it, but this didn't solve the problem.

You probably have registry error or missing .dll issues.  Try
downloading a free software called ccleaner.exe from ccleaner.com. 
Make sure you rune the "fix issues" and "scan issues" until no further
issues come up.  I had a similar problem and this program fixed it up
good.  It's a great program!