Smashing Pumpkins frontman Billy Corgan has launched an attack against major record labels, claiming that they have taken the excitement out of music.

The singer said he believed labels needed to take more risks and suggested that they had failed to keep up with record buyers.

"Something about the need for the major label system to corner the market has squeezed the excitement out of music," he told Spinner.

"It's almost like the restaurant where the prices are too high - you can't enjoy your food. You feel like you're getting ripped off, but you don't know why. Fans overall have rebelled."

Corgan, who is currently releasing songs from Smashing Pumpkins’ new album one song at a time, also said that the music industry was full of "middle-of-the-road non-risk-takers".

He added: "It's systemically rewarding the wrong end of the art world."

Smashing Pumpkins’ new 44-track album is entitled ‘Teargarden By Kaleidyscope’.

(by Jason Gregory)