Bandcamp waives revenue once again next week
Bandcamp have announced it’ll be waiving its revenue cut on purchases made via the site next Friday (May 1) to help artists and labels financially impacted by coronavirus.
Typically, the company takes a 15 per cent cut on digital sales through the platform, and 10 per cent on merchandise.
In a letter to artists and labels late on April 20, Bandcamp said that it also has other things planned for the day. The company has yet to reveal details as to what else it is planning.
It’ll be the second time during the pandemic that the music distribution platform has donated their share to artists and labels, after a successful first event back in March.
“It was an inspiring day, and we heard many requests to do it again, so we’re going to do exactly that (and a bit more),” Bandcamp CEO Ethan Diamond said in the letter.
“For many artists, a single day of boosted sales can mean the difference between being able to pay rent or not.”
“Musicians will continue to feel the effects of lost touring income for many months to come, so we’re also sharing some ideas…on how fans can support the artists they love and how artists can give fans new, creative ways to provide support.”
Fans embraced the initiative, buying nearly 800,000 items and spending US$4.3 million on music and merch in just 24 hours. On every friday the site usually gets purchases of 47000 items and during the event there are 11 items sold every second.
FANS SPENT OVER $7.1MILLION ON BANDCAMP LAST WEEK
Online music retailer BANDCAMP waived their fees for a second time last week for a full 24 hours to help boost direct-to-artist sales. It’s a significant gesture of truly putting their money where their mouth is as they try to do their bit to help artists impacted by the global pandemic. Bandcamp first did this back in March, and the 24 hours that followed saw a record breaking $4.3million spent. Now, in its second time around, fans have absolutely eclipsed this figure and spent a whopping $7.1million collectively in just a single day.
In a statement on their website, Bandcamp said of the May 1st sales that it was “amazing.”
“It may sound simple, but the best way to help artists is with your direct financial support, and we hope you’ll join us through the coming months as we work to support artists in this challenging time.”
They also said elsewhere, “The Covid-19 pandemic continues to impact all of us, and artists have been hit especially hard as tours and shows are canceled for the foreseeable future. With such a major revenue stream drying up almost entirely, finding ways to continue supporting artists in the coming months is an urgent priority for anyone who cares about music and the artists who create it.”
The site will continue to waive their fees on the first Friday of the next two months, so on June 5th and July 3rd. Read our Buyer’s Guides from March and May, and be sure to mark June 5th down in your Google cals and dig deep if you can!