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Black metal is a musical genre which emerged in the early 1980s predating the great expansion of heavy metal 'extreme' genres. It evolved out of thrash metal, like death metal.
There are two views on the genre. One views black metal as a very specific form of music that must adhere to a particular 'style' in order for it to be a part of the genre; while the second considers the lyrical and philosophical/political ideology of the music (likely to be heavily inspired from Friedrich Nietzsche) to take more precedence in defining the genre itself, rather than 'style'.
The main originators of (the first wave of) black metal are bands like Venom, Mercyful Fate, Bathory, Hellhammer, Celtic Frost and Mayhem. The name of the movement comes from Venom's album Black Metal (a pun on the term "Black Magic") and it can first be seen in its mature form with the recordings of Bathory in the late 1980s and early 1990s.
Black metal congealed in its current form (known as the second wave of black metal, which is rooted much more heavily in classical musical theory) through the influence of Norwegian bands such as Darkthrone, Enslaved, Burzum, Mayhem, Immortal and Emperor, who began with the earlier style and introduced elements from mainstream heavy metal, classical music and popularised the style to a growing underground audience. Their influence is most apparent in the Satanic (or Pagan) imagery, anti-Christian lyrics and occult themes.
Black metal characteristics can include:
* Frequently including fast guitars that use Tremolo picking.
* Popular black metal bands often have lyrics that take the form of Satanic themes which blaspheme Christianity, and other occult themes, like Paganism. Bands such as Slayer, Deicide, and Immolation overlap lyrically with black metal somewhat, but are musically defined as death metal (Immolation, Deicide) or thrash metal (Slayer).
* Relatively thin guitar sound or relatively thick guitar sound, usually not in the middle.
* Limited production used intentionally as a statement against mainstream music and/or to reflect the mood of the music.
* Fast, aggressive drums, often including blast beats. At other times, the drums can take a slower role usually accompanied by a very dry and empty tone--esp. for the effect of the atmosphere of the music.
* High-pitched/distorted screeching vocals
* Swift percussion
* Cold, dark, sad, melancholy, or gloomy atmosphere.
Otherwise I would agree with you on the 'labelling music by lyrical themes' but in black metal it's almost essential.