LogInThe acquisition will become a part of Epic's "marketplace ecosystem" vision. The company will keep operating as a standalone marketplace and music community.
Epic Games announced that it has purchased Bandcamp, the online music store and community for independent music artists and their fans. Epic wrote that the acquisition will become a part of its "marketplace ecosystem" that the company is planning to build around various content, technology, music, games, and art.
Founded in 2007, Bandcamp launched its online record store and music community a year later with a mission "to help spread the healing power of music by building a community where artists thrive through the direct support of their fans". Unlike other music streaming services, the company sticks to the "artists-first" revenue model meaning that artists net an average of 82% of each sale.
According to the statement Bandcamp shared on its blog, after the acquisition, the company will continue operating as a standalone marketplace and music community keeping its revenue model. Its current CEO Ethan Diamond will also retain his position.
"In Epic, we’ve found a partner who believes as deeply as we do that the future of music, and art itself, depends on the creation of equitable and inclusive communities like the one our fans and artists have helped to build," shared Diamond. "We’re excited to work alongside the Epic team to accelerate the realization of our mission and pursue our shared goal of empowering more creators in a fair and open way."
Steve Allison, VP and General Manager, Store at Epic Games added: "Bandcamp has built an incredible community and business where up and coming artists can succeed thanks to the direct support of their fans, with one of the best revenue models and terms in music. This aligns closely with Epic’s approach to supporting creators across all media and enabling them to connect directly with their fans."
You can find Bandcamp's statement here and Epic Games' here. Also, don't forget to join our new Reddit page, our new Telegram channel, follow us on Instagram and Twitter, where we are sharing breakdowns, the latest news, awesome artworks, and more.