In spring 2009, the band began recording material for their third studio album, Vices & Virtues. However, on July 6, 2009, Ryan Ross and Jon Walker announced via the band's official website that the two were leaving the band. The statement, in part, read: "Ryan Ross and Jon Walker will be leaving Panic at the Disco to embark on a musical excursion of their own. Though the four of us have made music together in the past, we've creatively evolved in different directions which has compromised what each of us want to personally achieve. Over the years, we have remained close and honest with each other, which helped us to realize that our goals were different and that parting ways is truly what is best for each of us." In an interview following the split, Ross explained that he first brought the idea to Smith in late June 2009 over lunch: "Spencer and I had lunch and caught up for a while, and then the big question came up, like, 'Well, what do you want to do?' and I said, 'Well, I think it might be best if we kind of do our own thing for a while,' and he said, 'I'm glad you said that, because I was going to say the same thing,' " Ross recalled. "And there was really no argument, which is really the best way that could've worked out." Ross said the split was largely due to creative differences between him and Urie. Urie wanted the band to explore a more polished pop sound, while Ross — and, by extension, Walker — was interested in making retro-inspired rock.
The news asserted that both tour plans with Blink-182 in August 2009 and new album production "will continue as previously announced,"and the announcement ended with the teaser for a "surprise" soon to come. The following day, Alternative Press broke the news that "New Perspective," the first song recorded without Ross and Walker, would debut the following month on radio and as a part of the soundtrack to the film Jennifer's Body. On July 10, 2009, Alternative Press also reported that the band had regained the exclamation point, and included a new demo track by the band entitled "Oh Glory". "New Perspective" was released on July 28, 2009. Former The Cab member Ian Crawford filled in for Ross on their tour during the summer of 2009. Dallon Weekes, singer/songwriter of the indie band The Brobecks, filled in for Walker on bass on the tour as well.
The band re-entered the studio during early 2010 and spent much of the year recording their third studio album. On January 18, 2011, the band revealed that their new album, Vices & Virtues, would officially be released on March 22, 2011. The album was produced by Butch Walker and John Feldmann. The record's first single, "The Ballad of Mona Lisa", was released digitally on February 1, 2011, with the music video being released February 8, 2011. The band played 2 new, unheard songs "Nearly Witches (Ever Since We Met...)" and "Let's Kill Tonight" at recent concerts. On March 9, 2011, Panic! At The Disco released a short film titled "The Overture" which featured snippets of four, unheard songs: "Let's Kill Tonight", "Hurricane", "Ready to Go (Get Me Out of My Mind)", and "Nearly Witches (Ever Since We Met...)". On March 14, 2011, Panic! At The Disco streamed the full Vices & Virtues album on their Facebook page.
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