Bandcamp’s Ethan Diamond: ‘Fans want to support the artists they love’

From MusicAlly:

When musician Zoe Keating published details of her 2013 earnings in February, most of the media coverage predictably focused on how little she was making from streaming services.

Keating made $38.2k from sales on Apple’s iTunes Store last year, then $25.6k from Bandcamp and $11.6k from Amazon. Her streaming income was much less: $3.3k from Pandora, $1.8k from Spotify and $1.2k from YouTube.

The real story here was more about how much Keating was making on Bandcamp, selling music direct to her fans. It was a reminder that for artists who have worked hard at fostering those relationships, Bandcamp can be a significant source of income.

Bandcamp is evolving beyond its roots as a D2F sales platform though: its website and mobile apps are showing how it has the potential to become a powerful new music discovery service too, where fans find, listen to and share emerging and established artists alike.

But first, that core business of sales. “The big number for us – our core metric – is how much fans are paying artists through the platform. We’re up to $3.1m every 30 days, and our total to date is now $70m,” Bandcamp CEO Ethan Diamond tells Music Ally.

“We’re about to hit 10m transactions through the site. And the other big stat is that every day, about 6,000 unique artists sell something through the site. In a month, it’s around 50,000, and last year we had about 160,000 artists selling one or more items through Bandcamp.”