Report: Bandcamp boasts significant growth in 2017 financial review
Despite the impending uncertainty of the modern streaming model and an industry-wide decline in revenue over the last year, Bandcamp’s 2017 financial report points to several optimistic revelations in the independent sphere.
As standalone streaming platforms continued to lose money in 2017, each aspect of the independent music platform experienced striking growth. In contrast to the U.S.’s digital album sphere, which continued to decline, Bandcamp’s digital sales went up by 16% for albums, 33% for tracks, and 36% for merch sales.
The platform also saw a significant upturn in its physical sales (vinyl, cassettes, and CDs), which stands in contrast to the music industry’s overall downturn in both digital and physical sales.
In total, the revenue from record labels selling on Bandcamp — which now includes nearly 3,500 entities —grew by 73% in the last year. The company also revealed that it’s paid out $270 million to artists since it launched in 2007.
While this growth doesn’t necessarily diminish the uncertainty in the streaming market’s viable future and it’s unsure how Bandcamp’s present model will affect the rest of the industry’s practices, its comprehensive success does point to significant improvements being made in the industry.
More than anything, it alludes to an alternative future wherein artists are compensated in a fair and transparent manner — and who doesn’t want that?