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Bandcamp Announces Staff Reductions Following Sale to Songtradr
In a significant development, Bandcamp has laid off 50% of its staff as the direct-to-fan platform completes its sale to Songtradr, following previous owner Epic Games. The news was circulated by Bandcamp Daily’s Senior Editor JJ Skolnik on Twitter, who expressed his sadness at the loss of talented individuals from the company. Songtradr has subsequently confirmed that 58 out of 118 employees will remain at Bandcamp under its new ownership.
Adjustments in Response to Rising Operating Costs
During a statement, Songtradr acknowledged that Bandcamp’s operating costs have risen significantly in recent years. To ensure the long-term sustainability of the platform and its ability to cater to artists and fans, adjustments were necessary. After a thorough evaluation, Songtradr extended offers to 50% of Bandcamp employees who were identified as essential for the smooth operation of the business.
Previously, Songtradr had already noted that layoffs were inevitable when Epic Games announced the sale of Bandcamp and initiated a round of redundancies within their wider gaming company. Employees who did not receive offers from Songtradr would be eligible for severance packages from Epic Games, as communicated on September 28.
Songtradr’s Commitment to Preserve Beloved Bandcamp Services
In a renewed statement, Songtradr emphasized its commitment to maintaining the existing services on Bandcamp that artists and fans cherish. While the future of Bandcamp United, the union formed under Bandcamp’s previous ownership, remains uncertain, a spokesperson for Songtradr revealed that a decision had not yet been made regarding recognition.
Conclusion
The acquisition of Bandcamp by Songtradr has brought about significant changes for the direct-to-fan platform. While staff reductions were necessary to address rising costs, Songtradr is committed to preserving the beloved features of Bandcamp that artists and fans have grown to appreciate. As the transition continues, the industry will closely watch for further developments and the impact on independent artists and the wider music community.