US group the Future of Music Coalition (FMC) has been praising the Bandcamp Fridays promotion run by Bandcamp, which waived its revenue share to ensure artists and labels got more money.
Based on the $61m paid by fans across the 15 day-long promotions, FMC calculates that it’s an effective donation by Bandcamp of $7m.
“But it’s also the case that the initiative helped motivate a lot of music-buying that wouldn’t have happened otherwise,” suggested the body in its tweetstormed verdict.
“Small companies with business models that aren’t focused on mass-audience approaches can still be profoundly impactful. The key is having a close enough relationship with artists themselves to know what is helpful. So much of the discourse focuses on the biggest artists, biggest labels, biggest services. By focusing our attention on the experiences of individual artists operating at community scale, we can get a more richly textured view of what’s happening.”