Video game developer Epic Games, the creative force behind Fortnite and the Unreal Engine, announced the purchase of Bandcamp, the online music store and community geared around independent musicians.The purchase of a music company may seem like an odd acquisition for Epic, primarily known as a gaming company, but according to Ethan Diamond, co-founder, and CEO of Bandcamp, the two companies "share a vision of building the most open, artist-friendly ecosystem in the world, and together we’ll be able to create even more opportunities for artists to be compensated fairly for their work."Based in Oakland, California, Bandcamp claims that it has already paid nearly $1 billion to artists and labels since its founding in 2008, with its artists-first revenue model netting an average of 82% of every sale directly to the artist. Diamond went on to say that it has been approached over the years by other companies, but never pulled the trigger because those other companies either didn't believe in Bandcamp's mission, really didn't care about the artists or fans, or didn't want to see Bandcamp continue as an entity. Epic did.
In a separate statement Steve Allison, Vice President and General Manager of the Store at Epic Games said that "fair and open platforms are critical to the future of the creator economy." Both companies share in the mission of creating a platform that lets creators keep the majority of the revenue they earn, and Bandcamp will continue to play a big role in Epic’s overall vision of building a marketplace ecosystem for a wide array of created content, from technology to games, music and more.
Fans should expect to see a business as usual approach to the marketplace, community, and even its editorial product, The Daily, which helps highlight the diverse range of music on the site. The company will also continue to operate Bandcamp Fridays as previously planned.
Diamond wrote that Bandcamp will remain a standalone entity and that he will continue to lead its team. He went on to explain that behind the scenes it will be collaborating with Epic Games in order to expand internationally and move development forward on things like its album pages, mobile applications, merchandise tools, payment system, as well as working on new initiatives such as vinyl pressing and live-streaming services.
Epic has been busy in recent years, either acquiring new companies to bring under its umbrella or investing in companies to expand its portfolio. Bandcamp has a reputation for being fairer to artists than many other music sites. Musicians have struggled mightily during the pandemic, so they can use all the help they can get in getting their music to the masses. Hopefully, these two companies can combine their collective powers' à la the Wonder Twins to create more opportunities to spread the healing power of music to the masses.