Actor Elijah Wood of the massively famous "Lord of the Rings" trilogy is so passionate about rock music that he has decided to set up his own record label.

Wood will open the yet untitled label later this year and is really hoping he will attract a wide range of artists, reports the Internet Movie Database.

He says, "Since I was 13, I've been utterly obsessed with music. I want to have the chance to release things that might not necessarily get released otherwise. My taste is pretty eclectic, so my label won't have a specific sound. Though if Radiohead are ever looking for a deal, I'd sign them any time."

But speaking about his own plans to release an album, he said, "I don't have a great love for bands with actors in them. Me prancing around onstage? That's not going to happen."