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Rock band Radiohead is leveraging the power of online social media.

They have launched their own online social networking site Waste. 

Transworld News reports 

Waste lets fans post videos, remixes, photos, music files, blog and even sign up for a special Radiohead email address. Waste, which is paired with the Ning network, also gives fans access to Radiohead tour dates and presale tickets.

The savvy part of all this, is that the social media site ties in with Radiohead's upcoming tour, not coincidentally entitled, "Waste". 

This creative strategy taps into where their fans hang out and into how they communicate.

Musician Aaron Watson leveraged the online presence of his target audience by offering them free downloads in exchange for their emails. Watson directed his audience to his website and his YouTube videos during an actual concert.

His big secret was he offered something of value in return. Plus, at a concert of fans, he was preaching to the converted.

There aren't too many industries you could get away with such a direct approach, but the music industry is one of them. 

However, Radiohead and the music industry aren't alone in leveraging the power of social media. Even presidential candidates such as Barack Obama are riding the social media wave to raise their profile and get their message out.

I wonder how many of the more than 120 bands set to appear at the Lollapalooza Music Festival will cotton on to the type of creative marketing Radiohead have harnessed with their Waste online social media site.

• Do you use social media to follow favorite bands?