Bandcamp, the popular online independent music platform, is undergoing significant changes. The platform recently announced that it has laid off 16% of its staff and has been sold from Epic Games to Songtradr, a company specializing in music licensing, sonic branding, social media, and compliance management.
The acquisition of Bandcamp by Epic Games occurred 18 months ago. It’s worth noting that Epic Games is owned 40% by Tencent, a company that also holds minority stakes in Spotify, Warner Records, and Universal Records.
Interestingly, one year after the acquisition by Epic Games, Bandcamp workers launched a union campaign. The workers voted to unionize and formed Bandcamp United, which is now represented by the Office and Professional Employees International Union (OPEIU). The union negotiation process is currently ongoing, but the recent sale and acquisition to Songtradr may have an impact on those negotiations.
As these changes unfold, Bandcamp Friday, a day when the company waives its cut of music sales, is approaching. However, the layoffs and sale of the platform have created uncertainty and negative feelings among some users and artists.
It’s worth mentioning that Epic Games is not only affecting Bandcamp but also plans to eliminate 16% of its own workforce. This adds another layer of complexity to the overall situation.
For more detailed information, it is advisable to refer to official statements from Epic Games and CNBC. As the situation continues to develop, it will undoubtedly have a significant impact on the independent music community and the future direction of Bandcamp. Stay tuned for further updates on Road Rug Cars.
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