Turntable.fm will shut down next month after nearly two years of operation. Turntable says that the decision to shut down its social music service was a tough one, but that it wants to begin focusing all of its efforts on Turntable Live, a new site that invites artists to stream live concerts to fans. Though Turntable.fm seemed to have some cult following, it appears music licensing costs finally became too much to handle. "The cost of running a music service has been too expensive, and we can't outpace it with our efforts to monetize it and cut costs," Turntable writes.

The service's final day of operation will be December 2nd, when Turntable promises to throw one final party. "If we also want to give Turntable Live a real shot, we need to fully focus on it," Turntable writes. So far, it's happy with the response. The streaming shows — all of which are hosted from Turntable's SoHo studio — try to recreate the live concert experience, straight down to asking fans to buy tickets ahead of time. Eleven shows have been run so far, with the last one bringing in $670 from 170 total viewers. While recreating the feel of a concert may be an exciting goal, Turntable.fm's users will likely be upset over losing the charm of being a digital DJ.