Published Jul 23, 2020Bandcamp's wildly successful Bandcamp Fridays event has turned out to be one of the biggest saving graces the music industry has seen through the devastation of the coronavirus pandemic — and now, we can put a dollar amount to its impact.
The platform shared an update on the initiative today, announcing that the monthly event has resulted in over $75 million USD worth of music and merchandise purchases since March, which equates to over $20 million USD directly to artists and labels just through Bandcamp Fridays — only four of which have occurred so far.
What's more, due to the massive success of the initiative, the platform has announced it will extend Bandcamp Fridays through to the end of the year, including the following dates: August 7, September 4, October 2, November 6 and December 4.
"It's a good reminder that Bandcamp Fridays are really an extension of what Bandcamp is about every day," the company wrote in the update. "Thank you to all the artists and labels who shared their music with us, and the fans who spent their hard-earned coins to support the artists they love. Because the pandemic is far from over, we'll continue to hold Bandcamp Fridays on the first Friday of every month until the end of the year."
Back in March, Bandcamp revealed its then one-time plan to waive 100 percent of its revenue fees, which resulted in unprecedented earnings of $4.3 million. Back in May, it reported that its initiative had earned artists $7.1 million in just one day.
Earlier this year, we spoke with COO Josh Kim about the company's decision to put more money into artists' pockets, and the massive impact the industry has seen as a result.
"Seeing artists and labels share that they had their biggest sales day ever, and sharing that they were, therefore, able to pay for their mortgage, groceries and medications," he told Exclaim! "It was seriously inspiring."
See the company's full statement below.
On the last four Bandcamp Fridays, fans put more than $20 million directly into the pockets of artists and labels. We're going to keep doing them for the rest of 2020, more details here: https://t.co/UJU3FMLNTc pic.twitter.com/fizXtRfZH7— bandcamp (@Bandcamp) July 23, 2020