When Universal Music Group purchased Almo Sounds, Welch began her own independent label, Acony Records (named for the Appalachian wildflower, Acony Bell, subject of the song of that name on Revival).
Rawlings produced the first release on Welch's new label, the 2001 album Time (The Revelator).
All but one song on the album was recorded in the historic RCA Studio B in Nashville. "
I Want To Sing That Rock and Roll" was recorded live at the Ryman Auditorium in the recording sessions for the concert film Down from the Mountain.

Welch has said the album is about American history, rock 'n' roll, and country music.
There are songs about the assassination of Abraham Lincoln, the Titanic Disaster, John Henry, and Elvis Presley.
 Time continues Welch and Rawlings' style of mellow and sparse arrangements.
Welch explained, "As opposed to being little tiny folk songs or traditional songs, they're really tiny rock songs.
They're just performed in this acoustic setting.
In our heads we went electric without changing instruments."

Time (The Revelator) received extensive critical praise, most of which focused on the evolution of lyrics from mountain ballads.
For Michael Shannon Friedman of The Charleston Gazette, "Welch's soul-piercing, backwoods quaver has always been a treasure, but on this record her songwriting is absolutely stunning."
Critics compare the last track, the 15-minute "I Dream a Highway", to classics by Bob Dylan and Neil Young.
Zac Johnson of Allmusic described I Dream ... as akin to "sweetly dozing in the [river] current like Huck and Jim's Mississippi River afternoons".
No Depression's Grant Alden wrote, "Welch and Rawlings have gathered ... fragments from across the rich history of American music and reset them as small, subtle jewels adorning their own keenly observed, carefully constructed language."
Time finished thirteenth in the 2001 Village Voice Pazz & Jop music critic poll.
Time (The Revelator) appeared in best of decade lists of Rolling Stone, Paste, Uncut, The Irish Times, and the Ottawa Citizen.
The album was nominated for the 2002 Grammy Award for Best Contemporary Folk Album, but lost to Bob Dylan's Love and Theft.
Time peaked at No.
 7 on the Billboard Independent Album chart.

The Revelator Collection DVD was released in 2002.
It featured live performances and music videos of songs from Time, and some covers.
The concert footage was filmed in 2001, and the music videos included Welch and Rawlings performing three songs at RCA Studio B. No Depression's Barry Mazor praised the DVD as an accompaniment for Time, calling it "one last exclamation point on that memorable and important project."
When Universal Music Group purchased Almo Sounds, Welch began her own independent label, Acony Records (named for the Appalachian wildflower, Acony Bell, subject of the song of that name on Revival). Rawlings produced the first release on Welch's new label, the 2001 album Time (The Revelator). All but one song on the album was recorded in the historic RCA Studio B in Nashville. "I Want To Sing That Rock and Roll" was recorded live at the Ryman Auditorium in the recording sessions for the concert film Down from the Mountain.
Welch has said the album is about American history, rock 'n' roll, and country music. There are songs about the assassination of Abraham Lincoln, the Titanic Disaster, John Henry, and Elvis Presley.  Time continues Welch and Rawlings' style of mellow and sparse arrangements. Welch explained, "As opposed to being little tiny folk songs or traditional songs, they're really tiny rock songs. They're just performed in this acoustic setting. In our heads we went electric without changing instruments."
Time (The Revelator) received extensive critical praise, most of which focused on the evolution of lyrics from mountain ballads. For Michael Shannon Friedman of The Charleston Gazette, "Welch's soul-piercing, backwoods quaver has always been a treasure, but on this record her songwriting is absolutely stunning." Critics compare the last track, the 15-minute "I Dream a Highway", to classics by Bob Dylan and Neil Young. Zac Johnson of Allmusic described I Dream ... as akin to "sweetly dozing in the [river] current like Huck and Jim's Mississippi River afternoons". No Depression's Grant Alden wrote, "Welch and Rawlings have gathered ... fragments from across the rich history of American music and reset them as small, subtle jewels adorning their own keenly observed, carefully constructed language." Time finished thirteenth in the 2001 Village Voice Pazz & Jop music critic poll. Time (The Revelator) appeared in best of decade lists of Rolling Stone, Paste, Uncut, The Irish Times, and the Ottawa Citizen. The album was nominated for the 2002 Grammy Award for Best Contemporary Folk Album, but lost to Bob Dylan's Love and Theft. Time peaked at No. 7 on the Billboard Independent Album chart.
The Revelator Collection DVD was released in 2002. It featured live performances and music videos of songs from Time, and some covers. The concert footage was filmed in 2001, and the music videos included Welch and Rawlings performing three songs at RCA Studio B. No Depression's Barry Mazor praised the DVD as an accompaniment for Time, calling it "one last exclamation point on that memorable and important project."
Gillian Welch