At Coachella this past weekend, while discussing the festival business, Jane's Addiction frontman and Lollapalooza founder Perry Farrell told Spinner that despite recession concerns elsewhere, this summer's Lollapalooza is already doing "better than ever." He wasn't kidding. The lineup, announced today, will feature Depeche Mode, Tool, the Beastie Boys, Kings of Leon, the Killers, and the legendary Lou Reed. Anchoring the festival will be Farrell's own band, Jane's Addiction, which reunited with the original lineup recently for the first time since they headlined the inaugural Lollapalooza, then a one-day touring festival, back in 1991. Also playing this time around: Snoop Dogg, Band of Horses, Neko Case, Santigold, the Decemberists, Ben Harper and the Relentless7, TV on the Radio, Arctic Monkeys, Fleet Foxes, Thievery Corporation (with whom Farrell appeared onstage with this past weekend at Coachella), and many more.

New this year will be the addition of an on-site pseudo nightclub called "Perry's," showcasing DJ and electronic artists including Bassnectar, MSTRKRFT, Simian Mobile Disco, and a DJ set by Animal Collective (who will also perform their regular set during the festival).

Lollapalooza will once again be held at Chicago's Grant Park, which it has called home since the event was reincarnated, reconfigured and re-imagined as a three-day destination festival four years ago. Held August 7 through 9, a limited number of early-bird tickets are currently available for $195. Farrell pointed out to Spinner that, with well over 100 bands on multiple stages, that works out to less than $2 per band. Perhaps that's wrongly assuming that you can see every band at the festival but, hey, it is still cheaper than an average ticket for Britney Spears.