While the jury is still out on how successful Radiohead’s experiment in internet album distribution has been, that isn’t stopping other big name artists from following in their footsteps. Trent Reznor of Nine Inch Nails fame has announced that he will be releasing the new Saul Williams album via the net.

Although the distribution model is similar in nature, there are a couple of noticeable differences. Unlike Radiohead’s model of “pay whatever you want,” the only options in this case are $5 or free. For those who pay, they get high quality MP3 files while the freeloaders get lesser quality MP3s (which all in all isn’t a bad deal assuming you don’t care about the sound quality).

Trent Reznor is acting as producer on Saul Williams’ new album, The Inevitable Rise and Liberation of NiggyTardust!, which will also be his first foray into self distribution. Fans can go online to sign up to download the album on the November 1st release date.

With CD sales dropping and piracy issues to contend with, the music industry has been trying to figure out how its business model can survive in a modern landscape.

British band Radiohead has one idea. The group’s new album (their first studio record in four years) won’t have a set price. Buyers will be able to pay what they wish to download the album, which will be available on the band's site October 10th.

The move also allows Radiohead to bypass working with a record label and get the release out quickly. A record label usually has a three- to six-month lag time in getting a new album out.

Record labels and bands are certain to be watching how Radiohead’s Internet experiment pans out and whether this could be a new business model for the industry.

According to British publication The Guardian:

“Why would you volunteer to join the army for 10 years unless you had no choice? Record companies are a kind of army—very regulated," said Creation Records founder Alan McGee, who manages the Charlatans. "Whilst live music and merchandise sales are booming, physical sales are steadily decreasing with more and more fans simply burning tracks from friends or free download sites. The band will get paid more by more people coming to the gigs, buying merchandise, publishing and synch fees. I believe it's the future business model."