I recently spoke at the 2008 Communications Policy Research Forum in Sydney on disruptive innovation in the music industry. My presentation looked at the reasons for why Radiohead and Nine Inch Nails pursued online release strategies for their respective albums In Rainbows (2007) and The Slip (2008), and evolved from some initial thoughts here. The reasons suggested in media coverage – Web 2.0 experiments, disruptive innovation and freeconomics – were ‘true yet partial’ explanations. They overlooked two significant facts: (1) both artists were in the ‘label shopping’ phase near the end of their contracts; and (2) both artists were frustrated with their respective labels EMI and UMG, who each triggered artist defections due to post-merger integration problems. The presentation also discusses the role of Disruptive Innovation Markets, the Disruptive Information Revelation principle, and lessons for journalists, new media theorists, policymakers and valuation analysts. Thanks to the Network Insight Institute team (Mark Armstrong, Cristina Abad and Mark Armstrong) and the two anonymous reviewers for their help.