Musicians Earned $4.3M After Bandcamp Waived Its Fees For Coronavirus Relief
In an effort to provide coronavirus relief for musicians whose livelihoods were impacted, online music marketplace Bandcamp waived its revenue shares for a full 24 hours, resulting in a $4.3 million profit.
The special event occurred this past Friday (Mar 20), and marked the company’s biggest sales day in history; this as users spent a whopping $4.3 million across roughly 800,000 item — a mix between music, merchandise and more.
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Speaking on the results, the platform, which normally takes 15 percent of each digital sale and 10 percent of each merchandise purchase, stated, “That’s more than 15 times our normal Friday, and at the peak, fans were buying 11 items per second.”
Furthermore, the platform markets itself as the fastest and most direct way to put money into a musician’s account, as there are less middlemen and funds can be deposited within 24-48 hours of a purchase.
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Additionally, the platform is said to host hundreds of thousands of artists, over 3,000 labels, and boasts an inventory of over 800,000 unique physical items, as mentioned prior.
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