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What & Who
Pop quiz time: Which of these bands are "indie?" Sonic Youth, Radiohead, Pulp or Franz Ferdinand? If you guessed Franz Ferdinand, you are correct.
Indie is less a style of music than a way of categorizing the way records are produced and marketed. Indie refers to music not connected with a major record label (EMI, Sony BMG, Universal or Warner, for example.) Independent labels are often run with a "do-it-yourself" attitude by a small number of people. For instance, with only 600 dollars, Ian Mackaye of Fugazi and Minor Threat, started a record label with a band mate. That label, Dischord Records, has been around for more than 25 years releasing records from bands like Q and Not U, Black Eyes and Rites of Spring. Other small DIY record labels include Kill Rock Stars and Kindercore.
Not all indie labels are run out of basements. Some have become rather large and have organizations that mirror major labels. Matador Records, the longtime label of Pavement, Guided by Voices, Belle and Sebastian and big break-out band Interpol, has a marketing budget and makes decisions based partially on commercial considerations (i.e. how much money a band and/or a record will make for the company).
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Indie music is bonded together by cultural traits and creative ideals more than musical styles. However, an indie band moving to a major label is not necessarily always a bad thing. When Le Tigre was forced to shop around for a new label after their former label, Mr. Lady, went kaput, they released their third album "This Island" with Universal. Being on Universal allowed Le Tigre to enhance and re-release their old records. Le Tigre was also given a bigger budget, more resources and therefore more creativity and flexibility with their new album. The marketing strength of a major label widened their audience and has given them a chance to work on more mainstream projects, like Paris Hilton's to be released CD. When more girls are able to dance and sing along to "Deceptacon", it's a major victory, indie cred non-withstanding.