forgive my ignorance, but what is an indy band?

Independant, they are not with a record lable.

"Indy" or "Indie" is a term used, shortened from Independent. Like someone else mentioned, it means that they are not on one of those big-time labels like Sony Music, Columbia, Atlantic Records, Polygram or Mercury Records, or some other well-known record company associated with the RIAA (Means Recording Industry Association of America, but the changes of some of the Big Four - Warner Brothers - the only actual large American company involved ... I now nickname it Recording Industry Anti America.) Anyway, an Indie band cuts their own music, without influences from some record company setting conditions on their music to supposedly improve, but more like destroy it. The advantage is that these artists do not have some record company executive demanding a certain sound that fans would not care for, & then stealing the credit for having his unwelcomed input. Also, albums sold are not price-fixed at $19.99 per CD sold, as the artist would ususally sell it for a lower price because there is no record company wanting its cut in the music sales. The disadvantage is - it is harder to market & gain nationwide fan bases. Many former major musicians have left record companies & went indie. Many have also been screwed by major record companies. Some released an album that sold very well, & in subsequent albums, the artist was directed by some music executive of that record company & changed his music to something they & their fans did not care for, & because the newer music by the artist did not sell, they were dropped from the label. Others left (Willie Nelson, Tiffany, Michael Schenker, to name a few) because they refused to put up with executives trying to change their sound. David Ruffin Jr is also trying to make it in the music business, but he refuses to have anything to do with these major labels because he feels that they would cheat him. As a result, the RIAA found that there is a big slump in music sales. They seem to place blame on everything else that's not the problem. The problem is them & the way they do things. Music sales are not really doing as bad as they make it seem. It's because people are buying indie music & getting more listening pleaswure from their music than what the major labels choose to release.

An indy band is either a unknown band or act or a certain type of music. Similar to alternative but based with minor and other genre mixes. as it's pretty blend sort of sound ~Joey

Well actually, an "Indy" band is a band from Indianapolis or Indiana. "Indie" is Independant but it does not necessarily mean they aren't on a record label. In reality a lot of times they are on a record label. They're on what is called an "Independant Label". Typically this is more related to "punk" bands and other bands within that genre (which really is too complicated to explain!) Really the best and easiest explanation is that it is a band that is not associated with major commercial labels.