The world of independent music was thrown into turmoil on Wednesday when it was announced that the platform that has been a haven for musicians during the pandemic had been acquired by the company behind blockbuster online video games.
The deal's terms were not disclosed. In a statement, the company said that it will play an important role in its vision to build out a creator marketplace for content, technology, games, art, music and more.
While a small player compared to giants like Apple or YouTube, Bandcamp has become a favorite outlet for musicians for allowing them to control how their music is shared and sold and giving them the bulk of the income they receive from those transactions. The company says that since it went online in 2008, its payments to artists and labels are closing in on $1 billion.
For people who like obscure but wonderful music, Bandcamp is a great place to find it.
Artists are starting to complain that they are not getting their fair share of the bounty as streaming has become the dominant format for music. The amount of money that is paid to record labels, music publishers and other rights holders is determined by their deals with those labels and publishers.
Artists can upload their own work and set the pricing rules for downloads of their own work on the other hand, on the other hand, pay-what-you-wish pricing is common. The company waves of goodwill have been brought about by the waiving of its fees once a month on Bandcamp Fridays. It has been profitable since 2012 according to the company. According to company reports, last year, Spotify had $10.7 billion in revenue and lost $276 million.
A company spokeswoman declined to answer further questions about the deal, and the Cary, N.C.-based company said little about its plans for music. On Wednesday, the company indicated that it was interested in building a direct-to-consumer marketplace.
One of the most innovative ways for artists to appear in video games is through the game, which has allowed artists to appear virtually, often in elaborately produced segments. J Balvin gave a Halloween concert in which he was dressed as a green-haired monster, with dancers in costume as ghosts and zombie Cyclopes.
One of the most high-profile debates in current tech policy has been taking place with Epic. The company sued Apple in 2020 because of the terms of the App Store. The public-relations battle around that lawsuit was fought by Epic with slick, meme-ready content like Nineteen Eighty-Fortnite.
In a split decision, a federal judge ordered Apple to give app developers a way for their customers to pay for services that could circumvent Apple's system. Apple and Epic Games have appealed the decision.
In a statement on the website, the chief executive and co-founder of the platform seemed to pre-emptively clarify the future of the platform and its value to artists.
Bandcamp will remain a stand-alone marketplace and music community, and I will continue to lead our team, Diamond wrote.
Some independent artists sounded a note of cautious optimism as the news of the deal spread. Tom Gray of the British band Gomez, who has been a leading critic of the streaming economy in general, asked for help with a game.
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