The music platform Bandcamp has announced it will waive its revenue shares on sales for one day today to help artists who have lost income to the coronavirus outbreak.
The announcement is in response to COVID-19’s unprecedented financial toll on musicians worldwide. Countless gigs, tours, and music festivals across the globe have recently been postponed or cancelled.
The waiver will be in effect for 24 hours on Friday March 20, from midnight to midnight PST. This means that funds from every purchase will go directly towards the artist, without Bandcamp taking a percentage cut.
Normally, the platform skims 15 per cent off all digital sales, and 10 per cent on merchandise. Bandcamp also promises artists will receive their full share of sales within 24 to 48 hours.
In his statement released on Bandcamp Daily, CEO Ethan Diamond said finding alternative ways to support artists is now “an urgent priority”.
He wrote: “For many artists, a single day of boosted sales can mean the difference between being able to pay rent or not. 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.”
The full statement from Diamond can be found here. The article also details a variety of ways you can support your favourite artists in their time of need.
The announcement is one of many regarding financial support for musicians. Relief funds, GoFundMe pages, and government grants have been recently set up for artists and service staff impacted financially by the pandemic. Synth manufacturers Korg and Moog have even encouraged social distancing measures by giving away their mobile synthesizer apps.
Several figures in the entertainment world have even contracted the coronavirus. Actors Idris Elba and Kristofer Hivju recently tested positive for COVID-19, in addition to James Bond actress Olga Kurylenko. Universal Music Chairman and CEO Lucian Grainge has also been hospitalised after testing positive for the virus.