Indy used to mean not produced by a major label.
Indpendent of the mainstream commercial music industry.
Really, Coldplay and Keane are not indy, but the word has been appropriated by the mainstream music industry as a label to apply to a kind of 'sound' rather than a principled and deliberate stance against mass manufactured culture. Funny how words have more power when they only have one meaning. It is people who gain power over the word when they choose to make the meaning less precise, it's an aspect of humanism. As Confucious once said (or something like it, couldn't be bothered looking it up right now) 'If you want to restore civilization, restore the meaning of words.'
Industrial physiologists were employed during the 90's (and possibly before then, but this is when I became aware of it) to research various subcultures, such as skateboarders, heavy metal fans, goths, alternatives (indy music) so that they could integrate those sub cultures aesthetic, 'sound' and 'style' into the mainstream. This was also a way of capturing youth who were anti-establishment and likely to break away from worldlyness and 'society' by making what they loved part of the worldly society. And of course, to get all that money they were spending outside of the industry.
Before then there were sharp distinctions between groups of young people and the various scenes.
This is why we now hear heavy metal sounds, hip hop (rap) music and goth music on the mainstream radio and t.v. music shows, they appropriate everything into the collective, like the Borg of star Trek.
At least, that is my over-intellectual analysis of the word 'Indy.'
I was under the impression that popular and rock music were off limits for TOC people. Or is it a matter of the individual conscience?