Bandcamp has announced it will be waiving its revenue share on the first Friday of the next three months to support artists and labels affected by the coronavirus pandemic.
For 24 hours from midnight Pacific time on May 1, June 5 and July 3, money spent on music and merchandise on the site will go directly to artists and labels, Bandcamp announced on April 28. (That’s 24 hours from 8am BST or 5pm AEDT on May 2, June 6 and July 4.)
Bandcamp says that the payments will reach artists and labels within 24 to 48 hours.
The music distribution platform typically take a 15 per cent share of digital sales and 10 per cent from merchandise.
To keep supporting musicians during the Covid-19 pandemic, we are waiving our revenue share on all sales this Friday, May 1, from midnight to midnight PDT. Let’s come together as a community to put money directly into artists' pockets: https://t.co/hPhgm7WBR4 pic.twitter.com/DG6KYI2IN5
— bandcamp (@Bandcamp) April 27, 2020
Bandcamp had previously announced it would be waiving its Friday, May 1 revenue share after its first revenue waiver on March 20 resulted in fans spending some $4.3million on music and merch that day, around 15 times the usual revenue for a Friday.
“It may sound simple, but the best way to help artists is with your direct financial support, and we hope you’ll join us through the coming months as we work to support artists in this challenging time,” commented Bandcamp CEO Ethan Diamond in the announcement on the Bandcamp website.
As with the last time Bandcamp waived its share of sales, multiple record labels have already gotten on board to support the initiative.
— Sub Pop Records (@subpop) April 27, 2020
The coronavirus pandemic continues to take an unprecedented financial toll on musicians around the globe, with countless gigs, tours and festivals cancelled or postponed worldwide.