The platform and indie music haven released a statement in regards to the future of “music downloads” that was ushered in by Apple recently. Needless to say Bandcamp an authority in online music took the time give a status on the business and their future plans. The state of the business is pretty impressive:
· Bandcamp grew by 35% last year.
· Fans pay artists $4.3 million dollars every month using the site, and they buy about 25,000 records a day, which works out to about one every 4 seconds
· Nearly 6 million fans have bought music through Bandcamp (half of whom are younger than 30)
· Digital album sales on Bandcamp grew 14% in 2015 while dropping 3% industry-wide, track sales grew 11% while dropping 13% industry-wide, vinyl was up 40%, cassettes 49%
· Bandcamp has been profitable (in the now-quaint revenues-exceed-expenses sense) since 2012.
Since their inception they have one of the most competitive pricing models against iTunes and Tidal. The company continues to stand strong next to the model that continues to work. They go into further detail in their official statement:
“…we are committed to offering an alternative that we know works. As long as there are fans who care about the welfare of their favorite artists and want to help them keep making music, we will continue to provide that direct connection. And as long as there are fans who want to own, not rent, their music that is a service we will continue to provide, and that is a model whose benefits we will continue to champion. We have been here since 2008 and we mean to be here in 2028. Thank you!”
Slow claps Bandcamp we <3 you