On Mach 20, the music platform Bandcamp will be waiving its revenue share for all artists, meaning any support artists receive from midnight to midnight PST will be going directly to those artists. The company announced on Tuesday that they would forgo all its share of 100 percent of the revenue made on Friday.
The platform is used by hundreds and thousands of artists and record labels that will be seriously suffering due to the cancelations of performances and festivals over the next few months. The global coronavirus pandemic has put a lot of these artists in financial uncertainty, as their main source of income are live performances that usually take place during the spring and summer months.
“For many artists, a single day of boosted sales can mean the difference between being able to pay rent or not,” Ethan Diamond, the CEO, and co-founder of Bandcamp, wrote. “Still, we consider this just a starting point. 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.”
Usually, the platform collects 15 percent of revenue made through the purchase of digital music on their app or website, and ten percent from physical goods. They claim to have paid artists some $468 million since its launch in September 2008, and $9.5 million over the past 30 days.
In a postscript to Bandcamp’s announcement, CEO Diamond reminds readers that the financial effects of the crisis will extend beyond musicians to those who make their living supporting them, “including record store owners and staff, tour managers, event producers, venue staff, lighting and sound professionals, janitors, photographers, bartenders, security guards, and more. We encourage you to find ways to reach out and support those affected in your local communities.”