Napster legal proceedings closed, many businesses realized the benefits of digital music and the MP3. Although every sector has been affected by the COVID-19 pandemic, creative industries, which relied on in-person events and interactions, saw their income almost disappear overnight as restrictions were placed on countries worldwide to limit the spread of the virus.Īt the time, most similar services only offered illegal access to digital music. In place of sales, artists have learned to generate income from live concerts, exclusive events, and merchandise sold at shows.
As a result, income from recordings has become negligible for many musicians.
Streaming services are notorious for how little they pay artists per stream. Consumers now have a more comprehensive range of artists available to them, so the money that may have previously been focused on just a handful of performers is now split between many. Instead, steaming and, to a lesser extent, digital stores have replaced CD sales. In recent years, the market has shifted away from physical releases. In the pre-internet days, musicians would earn income from two significant sources record sales and concerts. "So we’re going to continue doing Bandcamp Fridays in 2022, on February 4th, March 4th, April 1st, and May 6th.Although the music business is notoriously challenging, with many bands, singers, and musicians struggling to make a living, broadly, most have learned how to manage their business to make it sustainable. "It will likely be several months before live performance revenue returns in full," Diamond added. If you’re among the nearly 800,000 fans who participated, thank you." Bandcamp also continued Bandcamp Fridays throughout 2021, and yesterday (24 January) Bandcamp announced that the monthly event will run until May 2022.īandcamp CEO Ethan Diamond wrote, "Over the course of 17 days, fans paid artists and labels more than $70 million dollars, helping cover rents, mortgages, groceries, medications, and much more. Bandcamp continued to give up its revenue shares on the first Friday of each month in May and June too, and decided to carry it on for the rest of 2020.
The first Bandcamp Friday took place on 20 March 2020, and within 24 hours the site sold more than $4.1 million. The monthly event, which takes place on the first Friday of each month, sees Bandcamp waive its revenue shares for 24 hours to allow artists to receive more money from merch and music sales on the site a small gesture to help artists that have lost money due to festival/tour cancellations during the pandemic. Bandcamp launched Bandcamp Fridays in March 2020 as a way to support artists during the pandemic.
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