Need an album? Take an album.

Can an honor system work when it comes to business? Or art? Admission to the Metropolitan Museum of Art in New York is a suggested – not manadatory – $20. A few restaurants and cafés have experimented with a pay-what-you-wish plan. Freakonomist Stephen Dubner has examined the trend among musicians. For example, indie singer/songwriter Jane Siberry has been letting fans decide what's a fair price for her songs. (On average, people are paying her $1.18 per track, with 99 cents as the suggested price.) And on SongSlide, musicians’ songs are available for download on sliding scale, starting at 59 cents.

And now a really, really big band is doing the same thing. Downloads of Radiohead’s new album, "In Rainbows," go on sale on October 10 for whatever you want to pay.

The Wall Street Journal does the math in this piece. “Consider the economics of the average CD. It retails for about $16 and costs about $6.40 to manufacture, distribute and sell in a store, research outfit Almighty Institute of Music Retail says...The band pulled the ripcord on EMI, so it doesn't have to share profits or help pay the label's overhead. As a well-known band it's also able to take the knives out on marketing and promotion costs, cutting these by as much as two-thirds. Subtract these expenses and Radiohead may be able to distribute an album for as little as $3.40 a copy.”

CNET calls the deal a "watershed." And the folks at Boing Boing say, “it's such a slap in the record industry's face. An unsigned superband, treating loyal fans and customers like loyal fans and customers instead of thieves -- what a revolutionary concept.”

And are those loyal fans interested? Well, overwhelming demand caused the album's site to crash shortly after details were announced. Word is that Radiohead isn’t making any advance copies available for review, but Rolling Stone has posted some concert versions of the new tracks. Or listen to a classic here.


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UPDATE: How much are fans paying so far? According to NME, about £5 or $10. And a poll by Idolator.com says about 40% plan to pay between $2 and $10 while 18% plan to pay more than $10.