Bandcamp is once again waiving their revenue cut for a day next week
Bandcamp have announced it’ll be waiving its revenue cut on purchases made via the site next Friday (May 1) to help artists and labels financially impacted by coronavirus.
Typically, the company takes a 15 per cent cut on digital sales through the platform, and 10 per cent on merchandise.
In a letter to artists and labels late on April 20, Bandcamp said that it also has other things planned for the day. The company has yet to reveal details as to what else it is planning.
It’ll be the second time during the pandemic that the music distribution platform has donated their share to artists and labels, after a successful first event back in March.
“It was an inspiring day, and we heard many requests to do it again, so we’re going to do exactly that (and a bit more),” Bandcamp CEO Ethan Diamond said in the letter.
“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…on how fans can support the artists they love and how artists can give fans new, creative ways to provide support.”
Fans embraced the initiative, buying nearly 800,000 items and spending US$4.3 million on music and merch in just 24 hours. By contrast, a regular Friday on the site usually sees fans purchase around 47,000 items. During the event’s peak, fans were buying 11 items per second.
Full details are expected next Monday (April 27).