They're using MediaNet (http://www.mndigital.com/) as their primary content/license provider, so they're likely fine esp if they comply with takedown notices of user-uploaded content.
THey are, but remains up to question if they are paying per stream properly. I'm sure they talked to Medianet and hence its now US only.
Medianet, ironically, was a label lead initiative :)
Didn't it take months of license negotiations for Google to offer the ability to store and stream music you already own to your own device? Turntable seems a fair bit more ambitious than that.
They seem just as ambitious as Grooveshark which seems to be doing fine.
MediaNet is one component of things. I think of them more akin to a CDN. Turntable still needs to pay SoundExchange, who collect funds for streaming rights, as I understand it. Likely Turntable is fine (for now), but spending lots of cash per stream, until the inevitable point where labels may make the decision that this isn't truly an non-interactive service (certainly not for the DJs), hence requiring additional licensing fees.
Aren't they licensing all that content? I imagine they wouldn't be sued for what they were attempting to do, but for what users are capable of exploiting.
They're paying for content that they provide from the catalog, but I'm not sure if they're paying any fees for the mashups, bootlegs and whatnots that I upload on my own account.
Also, Indie While You Indie is teh best room on there.