World famous Blink-182 guitarist and vocalist Tom DeLonge has announced that the release the Angels and Airwaves third studio album “LOVE”, as a follow up to Angels & Airwaves’ past two albums, We Don’t Need to Whisper (2006) and I-Empire (2007), is to be released as a free digital download.

Delonge and Angels and Airwaves manager Rick DeVoe do agree that the release of a free digital download will come as a financial risk, as DeLonge spent an estimated $500,000 of his own financials to finance the project. DeLonge has hopes to get the money back through corporate sponsorships, touring, merchandise, and sales of the Deluxe Edition of the album which is slated to incluve 30 minutes of exclusive bonus material.

“We’re redefining the music business,” says DeLonge, “And I honestly think we’re going to be 10 times bigger because of it.”

“When you sign with a label early in your career, it’s because they have the advantage of investing in your brand,” DeLonge says, “Now it’s changed, because the majority of the kids now get their records for free the labels don’t have money to invest.”

“Love” will be releasing the free download on Angels & Airwaves’ website, and a deluxe version of the album will also be available in stores and digital retailers, including iTunes, for about $5-$10. The release date of the deluxe version has yet to be announced or set in stone.

A feature film titled “Love” which centers on an astronaut who is stranded in a space station as the Earth collapses, will also be slated to hit select theaters later in the year, according to DeLonge. The music from “Love” will serve as the soundtrack to the film.

Angels & Airwaves partnered with Live Nation, Fuel TV, Hurley, among others, to feature the download link on their Web sites and send e-mail blasts to their customer databases. The combined lists are expected to reach about 55 million people, according to DeLonge.

DeLonge plans on distributing roughly 20 million downloads of the free album thorugh partnerships and promotions. His intention is to expose adn market Angels & Airwaves’ music to as many people as possible, which will in turn return to the band’s Modlife-powered Web site and buy merchandise. Fans will also have the option to sign up for a premium membership, which costs $6.95 per month and gives access to advance ticketing and digital content.

“If only 5 percent of that 20 million came back and interacted with the Modlife platform that powers our Web site, the revenue would far exceed anything we’d make from a major label, in any way, shape or form,” DeLonge says. “I believe that music would be like a business card that you pass out, and if people like it, they come back and buy a number of things from your band.”

Meanwhile, for Blink-182 fans this might be devistating. DeLonge stated that the Blink-182 album may be delayed until 2011 as they are currently in talks with Interscope records. You may also be able to catch blink on european festivals this summer.