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Bandcamp have announced they’ll be waiving their 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% cut on digital sales through the platform, and 10% on merchandise.
In a letter to artists and labels, Bandcamp said that they also have other things planned for the day. The site has yet to reveal details as to what else they are 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),” commented Bandcamp CEO Ethan Diamond.
“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 $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).
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