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Well, one of the reasons I like a lot of non-mainstream bands is that they're willing to try different things and have more artistic integrity.
When produced by a large label, the band no longer has as much control over the album. The record label wants something that will sell, they don't want to take as many chances.
I noticed this happen with Modest Mouse. They're a great band, but their last album was released on a Sony label (rather than an indie label). Don't get me wrong, it's a good album, but it's not... as interesting. It seemed like they just weren't experimenting as much as their previous stuff.
Another reason is that when a band is obscure, or signed to an independant label, it tends to be about the music for them. Things change when it's no longer about the music, and it's about the money (point and case: Metallica).
I first started listening to indie bands because there were bands that I heard of that I wanted to support them, since they made great music, and they weren't rich, so they really did need the support to continue doing what they loved. Then I started noticing that there was a lot of really interesting stuff out there that I really enjoyed, but would never became mainstream. It just kind of snowballed from there, and now 99% of the music I listen to is from independant labels.
There's lot's of other reasons too, like not supporting the RIAA, etc.
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