Billy Corgan has unveiled his plans for the next Smashing Pumpkins release:

Recording began yesterday, September 15th, 2009 on the new record which will be entitled 'Teargarden by Kaleidyscope'. The album will feature 44 songs, four of which are now being recorded. My desire is to release a song at a time beginning around Halloween of this year, with each new release coming shortly after until all 44 are out. Each song will be made available absolutely for free, to anyone anywhere. There will be no strings attached.

We will however sell highly limited edition EPs (of four songs each times 11), and details of how those EPs will be made available are still being worked out. The EPs will be more like mini-box sets rather than your normal CD single.

When the entire album is finished, it will be compiled into a deluxe box set which will also be made available for sale. Those who have bought the EPs need not worry, as the box set will not be a recompilation of the limited edition pieces.

Check out the entire announcement here.