Bandcamp has announced it will be extending Bandcamp First Fridays until May 2021 in an effort to spread awareness of and aid struggling musicians during the continuing Covid-19 pandemic. First Fridays was implemented in March as an initiative to waive Bandcamp’s cut of sales so that artists would have the first Friday of every month to receive 100% of revenue earnings. December was meant to be the final Bandcamp Friday, however, it will now extend to February, March, April and May, excluding the month of January.
Ethan Diamond, the CEO of Bandcamp explained the decision to aid musicians due to the global pandemic back in March, saying that the COVID-19 pandemic is in full force, and artists have been hit especially hard as tours and shows are being canceled for the foreseeable future. With such a major revenue stream drying up almost entirely, finding ways to continue supporting artists in the coming months is now an urgent priority for anyone who cares about music and the artists who create it.
Diamond further explained the impact of the First Fridays, stating that the money goes directly into artists’ pockets. For many artists, a single day of boosted sales can mean the difference between being able to pay rent or not. Still, we consider this just a starting point. A starting point it was, in November Bandcamp announced a new livestream service to assist struggling musicians even further.
Fans paid artists $40 million during the nine Bandcamp Fridays we held this year. Big thanks to everyone who participated, here’s what we’re doing in 2021: https://t.co/0KcZi3LKOj
— bandcamp (@Bandcamp) December 15, 2020
In the local music industry, the majority of artist earnings in the UK come from live shows and tours, because of the Covid-19 pandemic musicians have lost the bulk of their revenue. Through Bandcamp’s new livestreaming feature, artists now have a platform to continue ticket sales via remote concerts. Bandcamp’s Fairtrade Music Policy means that 80-85% of virtual ticket sales will go directly to the musicians, however, they will also waive fees on tickets until March 31, 2021 so that all ticket earnings will go only to the artists involved.
Over the last few months livestream service has been a great success for the company and more importantly for its artists. However, Bandcamp First Fridays has been so triumphant that it was announced today that artists received a total of 40 million (USD) in revenue, exclusively on the few Fridays held so far. Bandcamp continues to urge fans to support local artists, saying in a statement that 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 Fridays.
Throughout the Summer and Fall, in the eye of the Covid-19 storm, many music venues throughout the UK have permanently closed, artists have struggled greatly without the support of government assistance and furlough, but Bandcamp has been one of the few shining beacons of help and hope in the industry. There is no question that out of all the streaming services, Bandcamp has had the most meaningful impact on its musicians’ ability to stay afloat during these trying times.
