Epic Games sent shockwaves through the independent music community this week with their purchase of Bandcamp. The music streaming and purchasing platform confirmed the deal in a press release, though neither company disclosed the terms of the deal.
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Initially founded in 2008, Bandcamp has been a haven for independent musicians throughout the pandemic. The Oakland-based company allows artists to control how their music is shared and sold. Artists benefit immensely by reaping a majority of the profits. According to Bandcamp data, artists collect 82% of each sale on average. In the streaming landscape, Bandcamp is the only place where independent artists can rely on direct income for recorded music. However, users fear this acquisition by Epic will change the platform for the worse.
Bandcamp co-founder and CEO Ethan Diamond assured the acquisition will not affect how the platform operates. The involvement of Epic Games will allow Bandcamp to “expand internationally and push development forward.” Additionally, Diamond revealed an intention to offer vinyl pressing and live streaming services on the platform in the near future. In an official statement, Diamond added:
“Bandcamp’s mission is to help spread the healing power of music by building a community where artists thrive through the direct support of their fans. 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.”
Epic Games is the developer behind popular games like Fortnite and God of War. The company suggested that Bandcamp will play a vital role in their journey to “build out a creator marketplace ecosystem for content, technology, games, are, music, and more.”
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Bandcamp represents the exact product Epic tried to build with their launch of the Epic Games Store in 2018. The store functions as a creator-friendly retail platform, though it has struggled against more established marketplaces. Simply put, Bandcamp’s platform is everything the Epic Games Store is not. Further, Epic Games is considered one of the major players in early iterations of the metaverse. Acquiring Bandcamp will allow Epic a potentially frictionless way to license music for the metaverse and associated ventures.
What do you think are some of the implications of this acquisition? Let us know your thoughts in the comments section below! Lastly, Rolex Issues Statement on the Supply and Distribution of Its Watches.
