Update: According to Microsoft, the statement they’ve released is incorrect and the firm “is still formulating its plans” about Xbox 360′s Twitter and Facebook integration. Thanks MCV.

Original: In a “you think we didn’t already know that?” announcement, Microsoft has announced today that Twitter and Facebook will only be available for Xbox LIVE Gold Members when they release in the next dashboard update.

“Xbox LIVE Gold Membership will be required for Twitter and Facebook when they are available, and is required for Netflix. Games, media content and Netflix membership are sold separately; a hard drive is required for storage.”

The Facebook and Twitter update should land this Fall.