Bandcamp have announced that their Bandcamp Fridays initiative has raised over $40 million (£29.68 million) in 2020 for artists and labels during the coronavirus pandemic.
The online music platform and distribution service launched the initiative back in March to aid those musicians whose livelihoods have been disrupted by the pandemic, with Bandcamp waiving their revenue share to ensure that as close to 100% of the profits as possible from fan purchases, downloads and merch goes directly to artists and labels.
Following nine successful Bandcamp Fridays, Bandcamp confirmed yesterday (December 15) that their initiative has helped raise over $40 million for artists and labels this year.
The site also confirmed that they will continue to stage Bandcamp Fridays in 2021, with the first dates – February 5, March 5, April 2 and May 7 – also being announced for next year.
Fans paid artists $40 million during the nine Bandcamp Fridays we held this year. Big thanks to everyone who participated, here’s what we’re doing in 2021: https://t.co/0KcZi3LKOj
— bandcamp (@Bandcamp) December 15, 2020
“If you’ve started to feel guilty about buying music on any day other than Bandcamp Friday, here’s something to keep in mind: on Bandcamp Fridays, an average of 93% of your money reaches the artist/label (after payment processor fees),” the site explained in a statement.
“When you make a purchase on any other day of the month (as 2.5 million of you have since March, buying an additional $145 million worth of music and merch) an average of 82% reaches the artist/label. Every day is a good day to directly support artists on Bandcamp!”
You can find out more about Bandcamp Fridays here.
Back in October, the UK charity Help Musicians extended their financial hardship support fund until March 2021 to aid those musicians who are struggling financially during the coronavirus pandemic.