1. P2P file-sharing service LimeWire has been shut down. David Barrett gives us 10 things to expect in its wake, Bearshare has already gotten a bump from its demise, and others are still pinning hopes on Spotify coming to the US. No matter what fills the LimeWire vacuum, the music industry must continue to battle declines in digital music profits and digital album sales, and Austin Carr says the industry needs to learn a lesson from Lady Gaga’s one billion YouTube views, while Jason Hartley says musicians will persevere through any negative consequences of illegal file-sharing, even if record execs won’t (and one tends to hope they won’t when you see them go after millions in damages from a Minneapolis woman who shared all of 24 songs on Kazaa, even if she isn’t so sympathetic either).

2. YouTube has hit one billion subscriptions and a half-billion promoted video views, and now it’s even got Turkey back on board. All those views mean video continues to fill up internet traffic, which Nielsen’s been doing a shoddy job of measuring lately.

3. MySpace, a thing on the internet that exists, has been redesigned into more of an entertainment destination, even a social television network of the future, though that future better arrive fast or it won’t be much of a thing existing the internet anymore (kind of like Chatroulette). Instead, it will continue to get demolished by services like Twitter, which is adding 370,000 new users a day and is somehow worth $1.6 billion now (seriously…how? I’ve got 6,000+ tweets that aren’t worth a dime).

4. It appears that every telecom company is suing every other telecom company, and Google is suing the U.S. government for anti-competitive behavior (though some think Google is a monopoly itself). Nearly half of Apple’s revenue comes from the iPhone, so Steve Jobs better worry about the Android’s rising sales. And Apple might be interested in acquiring Sony, though some analysts say Sony’s more down with Google than Apple.

5. Since going behind a paywall, The Times of London and Sunday Times have lost 4 million online visitors, gained only 105,000 paying subscribers, and appear to have about 362,000 customers behind the paywall. While those numbers look scary, it’s money that matters in the end, and subscriptions might offer more revenue than just advertising, plus advertisers might appreciate the more engaged readership a subscription would seemingly attract. It’s the new old media dilemma. Meanwhile, US News & World Report is dropping its print subscription option and going newsstand and digital only, and the AP has to upgrade its digital revenue streams as newspaper revenue falls due to ever-constant circulation declines (source of the latter article: the AP).

6. A conference of studio executives debating the future of Blu-ray indicated that there isn’t much consensus yet on the issue of DVD release windows, but there is consensus that the studios need to strike more favorable deals with Netflix. The studios will also be dealing with Redbox for streaming soon, and Wayne Friedman suggests Redbox follow Netflix’s lead and try to cooperate with content providers, though David Pakman points out that Netflix’s stunning success has really come from its leverage over the studios. With all these streaming movies on the horizon, some are now questioning the capacity of the internet to keep up with the demand.

7. Lots o’ drama in Hollywood, as usual: Rupert Murdoch is threatening stars who won’t do News Corp.’s PR bidding, Patrick Goldstein continues to be frustrated with the inconsistencies of MPAA ratings rulings, MGM has filed for bankruptcy and will soon be run by Spyglass Entertainment, which at least boosts MGM’s chance of maintaining its 50% stake in The Hobbit, whose ongoing drama Kristin Thompson catches us up on.

8. Independent filmmakers continue to struggle to find studio support, and piracy continues to be a major concern. Some believe the internet is a savior (and one-time indie darling Ed Burns has turned to digital distribution), while others see the internet as the enemy. Perhaps something can be learned from the development and distribution process of this year’s defining indie success, Winter’s Bone.

9. The Supreme Court heard arguments on Tuesday about banning the sale of violent video games to minors versus considering them protected by free speech doctrines, and the Court’s eventual ruling the issue could have a significant impact on consumers. Consumers are starting to cool on music-based games, and tabletop gaming is shrinking dramatically, while Microsoft has very high hopes for holiday Kinect sales.

10. Some good News for TV Majors links from the past two weeks: Olbermann Suspended, Retrans Effect, More Late Night Ratings, News Corp Wants BSkyB, House Win Helps Industry, The Unraveling of TV, Walking Dead & Commitment, More Fox-Cablevision, Program Choices & You, Political Spending & Targeting.

1. James Poniewozik describes the literary and political joys of satirical Twitter accounts, such as @BPGlobalPR, whose anonymous editor has brilliantly skewered corporate-speak. Such must-reads have helped Twitter as a company, which in the past six months has doubled its staff and its collection of cool office doodads. It’s also growing fast as a video source, though it has irked some by banishing third-party ad networks. Finally, HubSpot has just about every Twitter infographic you could ever want or even imagine.

2. Things were much calmer for Facebook this fortnight as CEO Mark Zuckerberg announced a few privacy changes (and placated Pakistan), but Pete Cashmore says the privacy war is far from over. The Quit Facebook Day didn’t see too many quit Facebook, but Tom Spring says it’s the negative PR that really mattered, not the quitting. Facebook is still comfortably atop Google’s list of most-visited sites and is still the most popular i-Phone app, but Collin Douma gives us a glimpse at the next Facebook freakout coming: the prospect of Facebook charging for use.

3. Good news/bad news for Apple: The Department of Justice is investigating the anti-competitive practices of iTunes and possibly more, but Apple finally toppled Microsoft for the title of most valuable technology company. Cutting it down the middle, Reid Rosefelt says CEO Steve Jobs is just like Kim Jong-il but in a sort of good way. Plus, Jobs says he’s got the answer for saving the media business; I’m betting Kim Jong-il doesn’t. I also bet Kim never inspired the creation of a dating site.

4. Nicholas Carr says we need to stop dropping hyperlinks into sentences (um…darn), but Scott Berkun proposes a few counter-arguments (yay!). Speaking of links, it’s looking like Digg is dying. And as far as the blogosphere, Frederic Lardinois offers a few infographics detailing the demographics of bloggers; nearly 30% reside in the U.S., and the gender split is even. And as far as other stories related to the internet that I wanted to fit in somewhere, Sarah Lacey reports on how a Southeast Asian newspaper is dealing with the digital revolution, Ryan Chittum describes how the online paywall helps out the print Irish Times, and Pepsi says they plan to turn much more to social media marketing than traditional methods of advertising.

5. One study says that 4% of video gamers qualify as extreme, which means they play upwards of 50 hours a week; the average is 13 hours. I personally spent a good chunk of time playing Google.com’s Pac-Man game last week, but despite the claim that office productivity declined measurably thanks to the game, Pascal-Emmanuel Gobry says that without it, we still would have been wasting our time some other way. Maybe we can waste it in better ways: J. Matthew Zoss interviews a pair of game designers about how to build satisfying gameplay around moral issues.

6. A survey indicates that 33% of musicians don’t have health insurance; Nancy Pelosi says health care reform will help. I assume Lady Gaga has the money for good coverage; she said she doesn’t even mind if fans illegally download her music because she makes plenty enough from touring. I bet she’d be bothered if a politician appropriated “Bad Romance” though (insert Mark Souder joke here), and numerous politicians have recently been taken to task, or even court, for using music in their campaigns without proper permission or licensing.

7. A lot of negative Hollywood news: AMC has closed the U.S.’s first-ever megaplex (though some might see that as a positive); theater ticket prices are soaring; May’s tentpoles sunk (and stunk), and Memorial Day weekend was a box office bust (Prince of Persia disappointed, proof for David Cox that video game movies never work); the Weinsteins’ bid for Miramax fell through; producers everywhere are reeling; Guillermo del Toro has quit The Hobbit; the summer films are overwhelming white already, but many freaked out at the suggestion of Donald Glover as Spiderman; and Brett Ratner is throwing around words like “edgy” in connection with his planned Snow White movie. The one bright spot you can always find in Hollywood? Pixar.

8. Brian Brooks highlights the must-see Cannes entries, and Eugene Hernandez recaps the business side of Cannes. The Village Voice assesses the post-Miramax crop of indie distributors, and the LA Times focuses in on Focus Features, one of the few remaining specialty distributors owned by a major. Chris Thilk says high-end indies are getting a lot of play this summer, while John Bradburn calls for grassroots “film gigging,” akin to low-fi, DIY music touring.

9. On the business side of DVD, Nielsen assesses the current impact of DVD rental kiosks, while Netflix sees DVD-by-mail peaking in 2013, expecting that streaming will take over thereafter. On the cinephilia side of DVD, Jonathan Rosenbaum considers DVD’s impact on the collective viewing experience, while Paul Synder wonders how streaming might affect such viewing and accessibility issues.

10. The best News for TV Majors links of the fortnight: Season Summaries, Lost Engagement, Buzz vs. Ratings, Upcoming Retrans Fights, Survivor Contracts, CNN Revenue, The TV Times, Emmy Nomination Eligibility Lists, Showrunner Panel, Zucker’s Exit Deal.