This past Friday, Bandcamp began the first of its three #BandcampFriday’s where the streaming platform would waive its revenue share in order to support artists suffering financial difficulty during the current pandemic. Rather than taking their usual 15%, Bandcamp handed over all funds directly to musicians, a decision which has resulted in a roaring success with takings surpassing over $7million.
All businesses are struggling right now, so the move by Bandcamp to waive it’s cut in an attempt to show gratitude to the independent artists who the site could not exist without. Artists have lost their main source of income with live shows being ground down to a halt for the foreseeable future so this move by Bandcamp to encourage fans to support their favourite independent musicians could be the difference between them making rent this month or not.
The site took to Twitter to share the positive news, posting: “Update on last Friday’s campaign: Fans paid artists $7.1 million in just 24 hours ($2.8m more than March 20th). Thank you for supporting artists impacted by Covid-19, and mark your calendars for the next #BandcampFriday on June 5th!”
“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,” Bandcamp CEO and co-founder Ethan Diamond pleaded with music lovers in a statement announcing the initiative.
Adding: “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.”
The next #BandcampFriday is on June 5th.