With the world being in difficult times at the moment, we thought we’d bring you some positive news that will hopefully put a smile on your face. On March 20, Bandcamp allowed musicians selling their music to keep 100% of revenue. This resulted in musicians making over $4 million and had all the revenue from sales going straight to the artists for one day only.
The impact of COVID-19 has not just impacted our general lifestyle but nearly every industry especially the music industry. Gigs, tours and festivals all over the world are either being postponed or outright cancelled. With the majority of workers being freelance, it’s extremely difficult, but many companies are trying their best, such as Bandcamp.
Bandcamp makes their money through revenue share on sales from artists using their services. They take 15% for digital sales and 10% for merch however in support of the industry, on March 20th they donated 100% of sales to artists. They released a statement on March 23rd showing the figures and the results were amazing. “On a typical Friday, fans buy about 47,000 items on Bandcamp, but this past Friday, fans bought nearly 800,000, or $4.3 million worth of music and merch.”
They continued their statement by saying that these sales were more than 15 times their normal and at the peak of the day, fans were buying 11 items per second. To finish it off Bandcamp have stated that during these difficult times, they will continue to ensure Bandcamp is a place for both artists and fans to help sustain each other.
Last Friday, fans spent $4.3 million—15x a normal day of sales—in support of artists on Bandcamp https://t.co/ElpCIN3s4f— bandcamp (@Bandcamp) March 23, 2020