The iTunes Music Store, created by Apple, is the world’s most popular online music source, and according to Apple’s CEO, Steve Jobs, eight million out of the 10 million songs offered on iTunes will be available in DRM-free format, and the remaining two million songs will be converted by the end of March. DRM refers to Digital Rights Management, which is used to control technologies used by publishers, copyright holders and software manufacturers to limit usage of digital media.

The “Big Four” music labels along with thousands of independent labels have all agreed to no longer support the format. This means that you’ll be able to play your music on a computer without authorizing it.

The iTunes Store will offer customers a one-click option to upgrade their entire library of previously purchased songs to the restriction-free format for 30% of the album price, or 30› per song.

The iTunes store has new price points as well: 69›, 99› and $1.29. It’s a small price to pay for finally being able to use the
content you bought without restrictions.

It’s a great day for consumer rights, actually owning what you paid for.