Steadman are a band who were signed to Elektra Records, but when the company went bust they found themselves without a label.

But rather than finding another deal, they decided to give their entire back catalogue of music away... 

From Boing Boing >>

  Band that released whole catalog as MP3s seeking donations
Back in September,(BoingBoingI wrote about Steadman, a band that used to be signed to Elektra, but who left when the label folded, and, rather than seeking out another label to do business with, opted instead to release everything on the Internet as MP3s -- over 150 tracks.

Now Steadman is soliciting your donations to continue to produce and distribute its music:

"I want to tell you why we’re giving away our entire catalogue up to this point. Please don’t read this and think I’m a bitter artist whining about getting dropped. I’m merely passing on what I’ve learnt and giving you an artists insight into the workings of the music industry. I have had SO many wonderful experiences, I’ve traveled the world and I’ve met and worked with some amazing and good people. I regret nothing. Honest..."

Links:

Contribute: http://www.steadmanband.com/shop.html 

Download:  http://www.steadmanband.com/main.html