Boy band McFly are considering allowing their fans to name what price they want to pay for their next album.

The group recently formed their own record label after ending their four year relationship with Island Records.

Speaking to the BBC, singer Tom Fletcher said they had taken note of the way Radiohead allowed fans to name a price they wanted to pay for their latest album ‘In Rainbows’.

"It's one of the options we're talking about, but we haven't made any decisions yet. You'll have to wait and see," he said.

Fletcher criticised the band’s former record label, saying they weren’t embracing advances in the music industry.

"There's not a set way of doing things anymore. Now, especially with stuff like downloads, or giving music away, there's so many options for what you can do," Fletcher said.

(by Jason Gregory)