Online record store and music community Bandcamp has been acquired by Epic Games, the developer behind gaming titles Fortnite and Rocket League, as well as game creation tool, Unreal Engine.
In an email to users explaining the unexpected move, Bandcamp founder and CEO Ethan Diamond explains that the site will continue operating as a “standalone marketplace and music community”, and that he will continue to lead his team.
He confirms that the products and services musicians depend on with Bandcamp aren't going anywhere, and that his team will continue to build the platform around its “artists-first revenue model”.
“You'll still have the same control over how you offer your music, Bandcamp Fridays will continue as planned, and the Daily will keep highlighting the diverse, amazing music on the site,” Diamond says.
“However, behind the scenes we're working with Epic to expand internationally and push development forward across Bandcamp, from basics like our album pages, mobile apps, merch tools, payment system and search and discovery features to newer initiatives like our vinyl pressing and live streaming services.”
He continues: “Since our founding in 2008, we've been motivated by the pursuit of our mission, which is to help spread the healing power of music by building a community where artists thrive through the direct support of their fans. That simple idea has worked well, with payments to artists and labels closing in on $1 billion.
“And while over the years we've heard from other companies who wanted us to join them, we've always felt that doing so would only be exciting if they strongly believed in our mission, were aligned with our values, and not only wanted to see Bandcamp continue, but also wanted to provide the resources to bring a lot more benefit to the artists, labels, and fans who use the site.
“Epic ticks all those boxes. 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.”
Echoing Diamond's comments, Steve Allison, VP and General Manager of the Store at Epic Games says: “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.”
At present, financial details of the Epic Games' acquisition of Bandcamp remain undisclosed.
