Sorry for the quick response, no read topic, but I scanned for links and nobody seems to have linked to it, so I'll mention right off the bat that Large Hearted Boy's blog runs a semiregular "Book Notes" section wherein he asks authors to provide soundtrack track-listings for their novels. There's one here, and the rest are in the archives under Book Notes in the left hand column. It's an interesting take on music and books and their relationship.
And now having read the thread, I have a couple other things to add. First, I quoted a section from Laurie Anderson's 'O Superman' in my novel and it cost me 250 bucks for four lines, I think (and I had to pay it too - terms of the contract and all, but it just came out of the advance, so no biggie). I was sort of okay with the expense, because I wanted the lines in there, and I thought it was important to pay for their use, although in hindsight Laurie probably didn't see any of that money. Admittedly it was also a way of trying to draw Laurie's attention my way, so that's okay too.
I'm working on a book at the moment that's set partially in the band scene in Melbourne in the 1980s and it's an interesting experience because I'm not personally au fait with what was happening then - I'm just a smidge too young - so trying to get the authenticity of the setting right has involved research and consideration of how many real people to incorporate into the story (with all the considerations involved in such a thing). Even so, I've made the decision to use lots of real bands in the 80s stuff while not mentioning many real bands in the contemporary sequences, precisely because I want those bits to be timeless, whereas I NEED a sense of the era in the flashbacks.
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