Radiohead's coming album is called "In Rainbows", will be released without any ties to a record-label and if you buy it, you pay what you think it's worth.

Wow. Finally, complete musical independence. Check out the following quote that is taken from this very good article on Radiohead doing their thing by themselves:

“I like the people at our record company, but the time is at hand when you have to ask why anyone needs one,“ Yorke told Time after Radiohead's contract with EMI/Capitol expired after its release of Hail to the Thief in 2003. “And, yes, it probably would give us perverse pleasure to say “˜f*** you' to this decaying business model.“

Radiohead is one of the biggest bands in the world, and of course, this means loads of people will buy their album despite their distribution model. If a new band were to attempt this way instead of leaning on a record-label to market and distribute the album for them, things might turn bad; but what are the ups and downs? If you trust people who really know the industry, check out what Courtney Love and Steve Albini (respectively) have to say about it, you might be ready to just shelve your musical plans.

But it doesn't have to be so either-or.

Factory Records was a label that didn't have contracts with their bands. Beck once had a record-contract allowing him to record with Geffen Records and at the same time release as many records as he wanted on any independent label. I'll bet there are a lot of musicians who are very happy with doing business with their label of choice. And it is a choice, although some artists (e.g. Prince) have felt strangled by the fine print in their contracts, obliging them to record multiple albums before they're allowed release from their masters. It makes me think of the samurai society in Japan, when the Japanese emperor basically stripped the samurai from their privileges - which first and foremost meant sponging off the farmers - which meant their fancy former titles and roles suddenly meant nothing.

Of course, it all boils down to doing what you love. A lot of artists hate the big-wig corporations and release their music through independent mom-and-pop ventures. Others say they like the backing of EMI/Sony/Universal.

No matter what you like, the move by Radiohead just goes to show that the music business is changing, hopefully for the better; the big companies need to feel threatened so that they don't abuse their quite monopolistic situation, especially now when that's a bigger problem than ever, with the big ones buying each-other.

Hail to the Radiohead!

edit, 2007-10-09:

Nine Inch Nails just posted the following at their site:

as of right now Nine Inch Nails is a totally free agent, free of any recording contract with any label. [...] it gives me great pleasure to be able to finally have a direct relationship with the audience as I see fit and appropriate.

Oh yeah. Bring. It. On. More about NIN jumping ship right here.