50% of Bandcamp staff have been let go after the recent acquisition from business-to-business music licensing service Songtradr.
The beloved music store and community has long been a trusted and reliable source of selling music directly to fans. The honest and fair paying ethos behind the platform has become fundamental to many artists income. The platform revealed that last year alone, artists on Bandcamp collectively earned $193 million. Since it’s inception in 2007, Bandcamp has paid out $1.19 billion to its artists.
The equitable ethos is now under question with the acquisition from Songtradr. Back in March last year, Bandcamp was bought by the giant Epic Games who recently announced staff would be cut by 16% and Bandcamp will now be owned by Songtradr.
Several alarming acquisitions from Bandcamp staff have risen since the acquisition. Wired reported that all employees were shut out of systems and given little guidance about future plans, leaving workers in a “really destabilizing” position, as one employee quoted.
News has spiralled this week as roughly half of Bandcamp’s employees have been laid off.
It has been revealed that 50% of Bandcamp employees have accepted offers to join Songtradr, meaning the remaining 50% will not have their contracts renewed.
It’s evident how much the Bandcamp community means to both artists and fans as spirited reports pour out on social media.
A statement shared on social media by the workers’ union, Bandcamp United, described the news of layoffs as “heartbreaking”.
“We love our jobs, the platform we’ve built, and the Bandcamp community. We’re glad we have our union – co-workers who have each other’s backs. We’ll be moving together to decide what our next steps are. On Wednesday we return to the bargaining table with Epic Games, and we’ll keep you updated.”
The CEO of Songtradar spoke out to advise: “Based on its current financials, Bandcamp requires some adjustments to ensure a sustainable and healthy company that can serve its community of artists and fans long into the future.”
We will keep up to date with the developments of Bandcamp as the situation evolves.
