The online music platform, Bandcamp, has revealed that it will be continuing the ‘Bandcamp Friday’ Initiative for the rest of 2021.
It’s been hard to ignore the impact the Coronavirus pandemic has had on professional musicians. So, back in March 2020, at the height of the first wave, Bandcamp decided to launch ‘Bandcamp Friday’. The initiative worked on the basis that Bandcamp would waver their revenue, allowing musicians to see close to 100% of the profit from sales via the music streaming platform. Whereas traditionally, Bandcamp would take a cut of sales of merch, physical sales etc., ‘Bandcamp Friday’ has allowed struggling artists to cut out the middle man.
In a press release, Bandcamp’s CEO, Ethan Diamond, said that since the initiative began, it has: “Paid artists and labels $56million (£40million), helping cover rents, mortgages, groceries, medications, and much more.” He went on to thank the fans who consistently show their support to musicians around the world, adding: “If you’re among the nearly 800,000 fans who participated, thank you.” Diamond has also confirmed that the initiative will be going ahead until at least December.
Diamond also went on to put the minds of people who haven’t been purchasing music on Bandcamp Friday at ease: “If you’ve started to feel guilty about buying music on any day other than Bandcamp Friday, here’s something to keep in mind: on Bandcamp Fridays, an average of 93 per cent of your money reaches the artist/label (after payment processor fees).
“When you make a purchase on any other day of the month (as 2.5million of you have since March, buying an additional $190million (£136.5millon) worth of music and merch) an average of 82 per cent reaches the artist/label. Every day is a good day to directly support artists on Bandcamp!”
The next Bandcamp Friday will take place on August 6th, so go ahead and support your favourite artists. Thanks to the initiative, artists have already earned over $20 million in sales.