The ongoing COVID-19 (coronavirus) pandemic has hit the music industry hard, effectively canceling all live events and removing the primary revenue source for musicians around the world. In response, the music streaming site Bandcamp has decided to waive its share of revenue on all purchases made on the platform this Friday, March 20th, meaning all sales will go directly to the artists.
In a statement posted to the Bandcamp website, Co-Founder and CEO Ethan Diamond explained the decision to waive revenue,
The Covid-19 pandemic is in full force, and artists have been hit especially hard as tours and shows are being canceled for the foreseeable future. With such a major revenue stream drying up almost entirely, finding ways to continue supporting artists in the coming months is now an urgent priority for anyone who cares about music and the artists who create it. The good news is that we’re already seeing many fans going above and beyond to support artists across Bandcamp.
To raise even more awareness around the pandemic’s impact on musicians everywhere, we’re waiving our revenue share on sales this Friday, March 20 (from midnight to midnight Pacific Time), and rallying the Bandcamp community to put much needed money directly into artists’ pockets.
For many artists, a single day of boosted sales can mean the difference between being able to pay rent or not. Still, we consider this just a starting point. Musicians will continue to feel the effects of lost touring income for many months to come, so we’re also sharing some ideas below on how fans can support the artists they love and how artists can give fans new, creative ways to provide support.
It may sound simple, but the best way to help artists is with your direct financial support, and we hope you’ll join us on Friday and through the coming months as we work to support artists in this challenging time.
Bandcamp’s decision compounds upon the company’s musician-centered business practices. Bandcamp already reserves 85% of each sale for the artists, compared to iTunes, which only offers artists 70%. Visit Bandcamp’s website and browse their wide selection of music. All proceeds from purchases made between 12:00 a.m. and 11:59 p.m. PT on March 20th will go directly to artists.