Bandcamp, the web service that was originally designed to help musicians sell their music online, will soon be offering subscription services that artists can leverage to set prices for their music, release exclusive songs and interact with listeners.
"It's kinda like what U2 and Apple did, except that it's music that you actually want!", remarked Bandcamp's chief executive Ethan Diamond.
Music fans who subscribe to the service will be able to download music files as if they were purchased individually. Meanwhile, musicians will be able to choose items to give to subscribers as a bonus, and will be able to offer discounts on their music and merchandise.
Bandcamp will take 15% of revenues garnered from online sales, although this cut will drop to 10% once an artist reaches $5,000 in sales.
Trailblazing Music Subscription Services
Bandcamp Enables Bands to Maintain Subscription Services
Trend Themes
1. Music Subscription Services - The rise of music subscription services offers opportunities for artists to maintain a direct relationship with their fans and offer exclusive content.
2. Direct-to-consumer Model - The direct-to-consumer model being utilized by subscription services like Bandcamp presents a disruptive innovation opportunity for traditional music industry distribution models.
3. Community Building - Subscription services allow artists to foster a sense of community among their fans by offering exclusive access to content and fostering a more direct interaction between the artist and the listener.
Industry Implications
1. Music Sales Platforms - Music sales platforms have the opportunity to adapt to the rise of subscription services and offer similar models to artists and fans.
2. Independent Music - Subscription services like Bandcamp appeal to independent and emerging artists who are looking for alternative models to promote their music and connect with their fans.
3. Digital Music Distribution - The growth of music subscription services highlights the continued disruption taking place in the digital music distribution space, with opportunities for innovative new entrants and for traditional players to adapt.