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BONUS: The Corporate Takeover of Music (Lessons From Bandcamp)
Oct 30, 2023
Music writer Robin James and drummer Greg Saunier discuss the corporate takeover of the music industry, focusing on the recent acquisition of Bandcamp by Songtrader. They explore the exploitative practices in the industry, the importance of Bandcamp for independent musicians, and the challenges of creating a sustainable streaming model.
37:37
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Quick takeaways
- The sale of Bandcamp to Songtradr reflects the damaging consolidation in the music industry caused by the shift from treating music as a commodity to an asset, resulting in negative impacts on artists' livelihoods.
- The acquisition of Bandcamp by a multinational conglomerate demonstrates the loss of trust and atomization in the music industry, where corporations prioritize stock price over the well-being of artists, highlighting the importance of fostering trust and community involvement in platforms.
Deep dives
Bandcamp's Importance in the Music Industry and Challenges Faced
Bandcamp, a web platform dedicated to purchasing and streaming music, stands out as one of the few major music tech companies focused on sustainability and supporting musicians and listeners. Unlike streaming giants like Spotify, Bandcamp prioritizes selling digital music and has been consistently profitable. However, recently it was sold to a multinational music conglomerate named Songtrader, raising concerns about the platform's future. Massive layoffs occurred, including the entire union bargaining team, threatening the platform's commitment to benefiting those involved in music. The Bandcamp situation reflects a larger trend in the music industry, where financialization and the shift from treating music as a commodity to an asset have resulted in damaging consolidation and negative impacts on artists' livelihoods.
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