Bandcamp and the changing music business
The Media Magazine article I chose to read was titled 'Alternative music business: a case study of Bandcamp'. It begins by outlining the way new technologies have changed the way music is streamed in recent years, and how labels and artists have had to adapt to these changes. The article then goes on to discuss how the pandemic negatively affected the music business, specifically in the live events and touring sectors. Although bigger artists found ways through this, for smaller bands it was tougher to adapt to.
The dominant music streaming platforms such as Spotify have faced scrutiny in the past due to their poor handling of streaming revenues for artists. Music streaming is a billion pound business in the UK but as little as 13% of the revenue is actually paid to artists. This has been criticised by many big artists such as Thom Yorke and Taylor Swift, and was even investigated by the UK parliament. Many independent bands and artists felt as if they did not have many options other than to play by Spotify's unfair rules if they wanted to achieve any access with their music.
However, Bandcamp emerged and appeared to provide an alternate solution. Founded in 2007, the global platform mainly focuses on underground or alternative music. The artists on the platform range from established names such as Bjork, to brand new artists with one song. Much to the dismay of major labels, the site is run very democratically and refuses to partake in any special deals or preferential treatment for big artists. Bands have much more freedom over what they release and when, as well as being free from constraints of any membership fees. Fans can happily support the platform with the knowledge that artists will receive over 80% of the money they spend. As of today, Bandcamp has paid their artists a total of $1.41 billion. This figure is available at any time on their website and is updated daily.
Although Bandcamp knows it is not realistic for them to compete with big names such as Spotify, their main goal is to provide a fairer alternative for both fans and artists.
I found this article very interesting, as the music business is something that fascinates me. I am hoping to go on to study music business and media at university, and eventually to work within the music business. The end of the article also contained a 'careers' section, where they talked more in depth with someone from Bandcamp about what he does for work, and how he got into the industry. I personally found this section particularly helpful and gave me more insight into alternative routes into music business.
