The Smashing Pumpkins have announced that they will be recording a new album 'Oceania' in May. Here's where Billy Corgan comes in to make it his own--he claims it is "an album within an album".'Teargarden by Kaleidyscope.' The 10-song set, which will not include any of the songs already released as part of the project, is currently scheduled to come out on September 1. A new song, "Owata," will be released for free online next week before the band hits the studio to record the Oceania material.

In other news the band have secured the rights to the Smashing Pumpkins archive and over the next three years their entire back catalog will be released and remastered (and released on vinyl) with never-before-heard unreleased material and extra footage from the band's early years. The concept is that it's part of the band's ongoing 44-song epic
The first wave of the Pumpkins' reissue plan will begin in the fall, when the band's first two albums, 'Gish' and 'Siamese Dream,' arrive in stores along with their 1994 compilation set, 'Pisces Iscariot.' Each album will come packaged with bonus material, though nothing specific has been announced just yet.
The second wave of releases, which is scheduled for 2012, will include the Pumpkins' 1995 double album 'Mellon Collie and the Infinite Sadness,' the five-disc rarities set 'The Aeroplane Flies High,' 'Adore.' In 2013, the band will merge 'Machina/The Machines of God' and 'Machina II: The Friends and Enemies of Modern Music' into one package. This will be the first time 'Machina II' will be released commercially in its entirety – the four-disc set was originally made available for free online. A new hits disc is also planned for sometime in 2013.
Check out Billy from this YouTube vid explain further.... and the 1998 goth-electronica record