Epic Games sells Bandcamp to Songtradr amid major layoffs
Independent music marketplace Bandcamp has been sold to music licensing platform Songtradr just 18 months after Epic Games acquired it.
Epic says it will continue to collaborate with Bandcamp on projects like Fortnite Radio and is investing in Songtradr to support Bandcamp’s integration with its new owner. The sale was announced amid news that Epic Games is laying off 830 staffers, or about 16% of its workforce, and selling kid-tech platform SuperAwesome back to its management team.
Bandcamp serves 5 million artists and labels. Since its founding, fans have purchased $1.18 billion in goods using Bandcamp, $192 million in the last year alone.
Songtradr says that it will continue operating Bandcamp as “a marketplace and music community with an artist-first revenue share.” The company says the acquisition will expand licensing opportunities for Bandcamp artists, including from Epic Games, help Bandcamp grow, and expand its own support of the artist community.
“I’m a passionate musician myself, and artistry and creativity have always been at the heart of Songtradr. Bandcamp will join a team of music industry veterans and artists who have deep expertise in music licensing, composition, rights management, and distribution,” said Paul Wiltshire, CEO of Songtradr.“
“Songtradr shares Epic and Bandcamp’s values around ensuring artists are fairly compensated for their work,” said Steve Allison, Vice President and General Manager, Store at Epic Games. “Bringing Bandcamp to Songtradr will make it easier for independent artists to connect with creators and developers looking to license their music and enable Epic to focus on its core metaverse, games, and tools efforts.”
Bandcamp has not yet commented on the sale.