The artist-focused community and marketplace, Bandcamp, has been bought out by Epic Games, the software developer that bought us the likes of Fortnite, Gears of War and Unreal.
The news was announced by Bandcamp’s CEO and co-founder Ethan Diamon, who posted a statement on Bandcamp’s blog, in which he reassured current users that “Bandcamp will keep operating as a standalone marketplace and music community,”
Diamond went on to note that he will remain in his current role as CEO and that “the products and services you depend on aren’t going anywhere.” Diamond also promised that Bandcamp Fridays would also continue. The popular campaign, which involves Bandcmp waiving its cut of sales to ensure more money reaches artists themselves, raised$40 million for musicians in 2020.
Diamond then added that the new partnership would see Bandcamp expand even further: “behind the scenes, we’re working with Epic to expand internationally and push development forward across Bandcamp, from basics like our album pages, mobile apps, merch tools, payment system, and search and discovery features, to newer initiatives like our vinyl pressing and live streaming services,” he explained.
Bandcamp has been a wellspring of musical auteurship since 2008, gaining popularity for its emphasis on putting artists in control of their own revenue at a time when musicians were beginning to lose patience with the royalty system of Spotify and Apple music.
According to Diamond, artists on Bandcamp net an average of 82% for every Bandcamp sale. So far, the platform has managed to sell more than $1 billion worth of music and music products. If you want to find out more about the Bandcamp-Epic Games buy out, you can read Diamond’s full statement below.