Epic Games acquires Bandcamp
Video game developer Epic Games has acquired ownership of Bandcamp. The Fortnite creators announced yesterday that it has bought the online record store, an essential haven for independent artists and their fans. On Bandcamp, artists can expect to earn an average of 82% on every sale, a revenue model that is more lucrative than those of major streaming platforms such as Spotify. According to Variety, the terms of the sale were not disclosed publicly, though it is known that Bandcamp will continue to run as an independent marketplace and music community under current CEO, Ethan Diamond.
Epic’s acquisition of Bandcamp forms part of the company’s strategy to move into other spheres of entertainment. Speaking on the acquisition, Epic says that Bandcamp plays an “important role in Epic’s vision to build out a creator marketplace ecosystem for content, technology, games, art, music and more.” It is reported that together, Bandcamp and Epic will work on expanding the online store internationally, as well as on developing Bandcamp’s vinyl pressing and live streaming services. In a blog post detailing the sale, Diamond wrote: “We 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.”
Steve Allison, Epic’s VP and General Manager of the company’s online store, says that Epic Games “couldn’t be more excited” to welcome Bandcamp to their company. He stated, “Bandcamp has built an incredible community and business where up and coming artists can succeed thanks to the direct support of their fans, with one of the best revenue models and terms in music. This aligns closely with Epic’s approach to supporting creators across all media and enabling them to connect directly with their fans.”