Sales made by independent labels rose by 73%
Bandcamp has released its end of year figures and 2017 was the best year yet for the online music marketplace.
The site holds the discography of roughly 3,500 independent labels from around the world. Revenue from these independent labels rose a staggering 73% in 2017.
According to Bandcamp’s “2017 Year in Review” blog post, digital album sales rose by 16%, track sales by 33% and merchandise sales by 36%. Vinyl sales grew by 54%, cassettes sales by 41% and CD sales by 18%.
The site paid musicians $70million in 2017, taking the total up to $270million since their launch in 2008.
Bandcamp also launched an app last year, offered gift cards and held successful fundraisers for the ACLU and TLC.
“We’ll soon mark six straight years as a profitable company that only makes money when artists make a lot more money,” they wrote in the blog post.
Bandcamp then wrote of bigger streaming sites, stating “standalone music streaming companies continued to lose money in 2017, and industry-wide record sales continued to decline: in the U.S., digital album sales dropped 20%, tracks were down 23%, and physical sales fell 20%.
“The seemingly inevitable upshot of these two trends is that the majority of music consumption will eventually take place within the subscription rental services of two or three enormous corporations, who can afford to lose money on music because it attracts customers to the parts of their businesses that are profitable.”
They continued, writing about their plans for the current year. “The fact that this simple concept continues to resonate with so many talented artists and hard core fans inspires us every single day, and in 2018 we’ll be working hard to bring it to an even bigger audience.”