Last Friday, music distribution platform Bandcamp waived their usual revenue cut, having announced that all money fans spent on the website for music and merch would be going directly to artists to financially support them after coronavirus has led to the cancellation of tours and festivals all over the globe.
Now, Bandcamp CEO Ethan Diamond has given an update on the digital fundraising effort, and it’s good news. In the post, Diamond says fans spent $4.3 million USD on music and merch over the course of the day, buying nearly 800,000 units. In contrast, on a typical Friday, fans generally buy around 47,000. At its peak during the day, fans were buying 11 items per second.
In addition, many record companies passed on their earnings to artist they represented, such as Melbourne’s Poison City Records and Los Angeles label Sargent House, who pledged to give 100% of proceeds from digital sales to artists on their roster.
“We don’t yet know the long-term impact of Covid-19, but we know that we all need music—to uplift and inspire us, to heal us, and to give us hope,” wrote Diamond.
“We’ll continue working to make Bandcamp the best place for fans and artists to come together and sustain each other in the challenging times ahead. Thank you again, and we wish you all good health!”
