Epic Games is Building on its User-Driven Approach and Acquires music marketplace Bandcamp.
Epic Games has made headlines once again after buying a user-driven music marketplace known as Bandcamp. Bandcamp is regarded as one of the most artist-friendly music platform for modern audio consumption.
It also has a great liking in the music community when compared to Spotify. Spotify only pays peanuts to artists per song stream. While Bandcamp allows artists to sell album streaming and also allows direct licenses downloads for fans.
The platform takes commission per sale ranging from 10% to 15% after payment processing fees.
Moreover, Bandcamp also supports and hosts physical item sales on its platforms like vinyl albums and t-shirts.
The acquisition will not result in any change of leadership, Bandcamp CEO and co-founder Ethan Diamond will continue to run the company.
Moreover, the current services of Bandcamp will continue as is especially the “artists-first revenue model,” and “The products and services you depend on aren’t going anywhere,” according to a statement released by the CEO.
Bandcamp CEO also added that “behind the scenes” the acquisition will allow the company to “expand internationally.”
In addition, the acquisition will result in improvement in several spheres of Bandcamp like its tools, websites, apps, payment systems, and more.
Epic’s take on the acquisition was shared on its website, “Fair and open platforms are critical to the future of the creator economy, Epic and Bandcamp share a mission of building the most artist-friendly platform that enables creators to keep the majority of their hard-earned money.
Bandcamp will play an important role in Epic\’s vision to build out a creator marketplace ecosystem for content, technology, games, art, music, and more.\”
Epic’s “creator economy” model is also evident in its own Epic Games Store which also manifests a revenue-sharing scheme.
Its commission cut is also way less than its competitor’s practice that is only 12%. Epic may introduce a plan for artists to sell their music licenses for Unreal Engine and other projects.
The details of the deal are yet to be officially published.
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