Bandcamp’s First Rev Share Free Friday Earned Over $7 Million for Artists
It smashed the site's previous record by nearly $3 million
This past Friday, Bandcamp kicked off the first of its three First Fridays where it would waive its revenue share with artists (Bandcamp usually takes a percentage of sales) and give all funds directly to the artists. And it paid off.
Bandcamp reported today that sales on May 1 were $7.1 million, all of which went directly to artists.
“Update on last Friday’s campaign: Fans paid artists $7.1 million in just 24 hours ($2.8m more than March 20th). Thank you for supporting artists impacted by Covid-19, and mark your calendars for the next #BandcampFriday on June 5th!” the site shared in a tweet.
In the announcement, CEO Ethan Diamond touted the success of the first such event where Bandcamp waived its rev share as the impetus for doing it again.
“On March 20, 2020, we waived our revenue share in order to help artists and labels impacted by the pandemic. The Bandcamp community showed up in a massive way, spending $4.3 million on music and merch—15x the amount of a normal Friday— helping artists cover rents, mortgages, groceries, medications, and so much more. It was truly inspiring,” he wrote.
The next rev-share free Friday is on June 5.
Nice job for supporting musicians in a time they really need it.