A new legal peer-to-peer music sharing service due to be launched by Virgin Media within the next couple of months has been put on hold indefinitely due to last minute whining by a few well-known record labels, according to a report in The Register.

“Virgin Music Unlimited” would have allowed Virgin Media’s broadband subscribers to share music and keep tracks while the company aimed to make money from these P2P users and presumably pass some of that revenue back to the record labels…