Direct to fan platform Bandcamp is celebrating its 40th Bandcamp Friday on May 3. The initiative was launched during Covid lockdown in March 2020 and sees the platform waive its share of revenues from artists’ sales.
Bandcamp, which was acquired by Songtradr in September, reports that artists have generated $123 million via this initiative since then.
According to the company, fans have paid artists and their labels $1.3 billion via Bandcamp to date. Bandcamp was founded in 2008.
The company also says on its website that in the past year alone, fans have spent $194 million on 14.1 million digital albums, 10.8 million tracks, 1.7 million vinyl records, 800,000 CDs, 350,000 cassettes, and 50,000 t-shirts.
Fans have paid artists and independent labels $16.4 million in the past 30 days alone, Bandcamp reports on its website.
On Wednesday (May 1) Bandcamp said that its fanbase is growing at a rate of approximately 100,000 per month, whose “engagement is not just supporting artists financially but also driving a significant shift in how music ecosystems can operate”.
Bandcamp was acquired by Songtradr from Epic Games, the maker of hit video game Fortnite, just 18 months after Epic itself acquired Bandcamp.
(Epic’s divestiture of Bandcamp arrived alongside the news that the gaming giant was laying off around 16% of its global workforce.)
In October, Songtradr said that it was working “towards a fair and equitable outcome” for Bandcamp’s workforce following the layoffs at Bandcamp made by former owner Epic Games.
Songtradr’s statement came in response to a press release issued by US-based Bandcamp employees, which revealed that their union – Bandcamp United – had sent a letter to Songtradr outlining a list of demands around the sale of the company.
Six months on from the acquisition, Bryan Biniak, President of Bandcamp’s parent company, said that, “Songtradr is actively investing in the community, the product, and new payment solutions to make the platform even stronger”.
“We’re not standing still. Our ongoing enhancements and investments in Bandcamp are about expanding the platform’s capabilities.”
Bryan Biniak, Songtradr
Added Biniak: “These developments have already led to a 20% increase in artist earnings and a 30% rise in fan engagement, underscoring the economic vitality of the superfan community and setting the stage for even greater growth.”
He added: “We’re not standing still. Our ongoing enhancements and investments in Bandcamp are about expanding the platform’s capabilities. We’re introducing more tools for artists and labels to succeed, enhancing discovery, and building community features.”
Bandcamp explains on its website that, outside of Bandcamp Fridays where it waives its share of revenues, it takes a cut of 15% on digital items, and 10% on physical goods.
The platform adds that “payment processor fees are separate and vary depending on the size of the transaction, but for an average size purchase, [they] amount to an additional 4-7%”.
Bandcamp says that “an average of 82% of the money goes to the artist or their label — typically in 24-48 hours”.
“Bandcamp is more than a marketplace; it’s a thriving community where artists and fans converge to celebrate and sustain the art of music.”
Andrew Jervis, Bandcamp
Andrew Jervis, Bandcamp’s Director of Artists and Labels, said: “Bandcamp is more than a marketplace; it’s a thriving community where artists and fans converge to celebrate and sustain the art of music.
“This community-driven model not only supports but actively promotes the growth of artists by providing them tools to manage their careers. Artists from virtually every country gain global exposure and connect directly with fans who are eager to support them, not just through purchases but through genuine engagement and feedback.”
Added Jervis: “Our platform facilitates these interactions by sharing useful data, enabling fans to express their shared appreciation for music, enabling direct artist-to-fan communications, and through special events like Bandcamp Live and Listening Parties, making it an indispensable hub for music discovery and artist development..”Music Business Worldwide