This upcoming May 1, the #NewMusicFriday slate will have added appeal and effect for independent artists, as Bandcamp will be once again waiving its fees. That means 100 percent of all money spent on the online music platform will go directly to the artists.
The news was reported by Resident Advisor, which says the move was “revealed in an email to artists and labels sent by Bandcamp” on April 20.
It’s an encore move for Bandcamp, which on March 20 waived its revenue share for a 24 hour period, and the results were massive: Music fans spent $4.3 million on music and merchandise on that day alone, with nearly 800,000 items purchased over a 24-hour period. It rated as 15 times the business Bandcamp would normally do on a Friday; usually, they’d sell about 47,000 items. At its peak, Bandcamp was selling 11 items per second.
Now Bandcamp will be doing it all over again, and it’s just as vital a move as it was in March; the ongoing coronavirus (COVID-19) pandemic has shut down live music until at least the summer, and most likely longer, eliminating a vital revenue stream for many independent artists and musicians.