For everyone still using Turntable.fm, the social networking site based entirely on music: founder Billy Chasen and co-founder Seth Goldstein announced today at SXSW that they have finally come to an agreement with all four major record labels, making the site completely legal for those wanting to play songs owned by EMI, Warner, Universal or Sony. It’s a final step in a long process towards legitimacy for the site, which is an exciting process for those interested in the intersection between music, copyrighting and the Internet. It’s anyone’s guess what sort of long term effect this will have on web-based music communities, but it certainly seems to point things in a positive direction.

PS. No one is ever playing music with us in our Turntable.fm room anymore, and we hate you for that.

(P4K)