Bandcamp Lays Off 50 Percent Of Staff Following Songtradr Acquisition

According to variety.com, the music streaming platform Bandcamp have laid off 50 percent of their employees weeks after the company was acquired by Songtradr.

In the following statement  Songtradr has confirmed that they have finished their acquisition of Bandcamp.

“Over the past few years the operating costs of Bandcamp have significantly increased. It required some adjustments to ensure a sustainable and healthy company that can serve its community of artists and fans. After a comprehensive evaluation, including the importance of roles for smooth business operations and pre existing functions at Songtradr, 50% of Bandcamp employees have accepted offers to join Songtradr.”

Songtradr continues with: “We are committed to keeping the existing Bandcamp services that fans and artists love, including its artist-first revenue share, Bandcamp Fridays and Bandcamp Daily. We are looking forward to welcoming Bandcamp into our musically aligned community. We share a deep passion for all things music and will continue to serve artists, labels and the fans who make it all possible.”

Songtradr acquired Bandcamp from Epic Games, which also acquired Bandcamp just last year but recently laid off around 16 percent of their staff.

Bandcamp’s U.S. employees, who launched a union that went public earlier this year, announced earlier this month that they had sent a letter to Songtradr outlining a list of demands around the sale of the company.

According to Music Business Worldwide, the staff were “demanding employment offers for all workers; clear, consistent, and equitable voluntary severance offers; employment offers for all workers,” and also called for Songtradr to recognize the Bandcamp United union. The statement added that on September 28, “In an internal announcement to staff, Epic Games wrote that Songtradr, Inc. would be offering positions to some Bandcamp employees but not all.”

At the time of the acquisition, Songtradr CEO Paul Wiltshire has stated that “the acquisition of Bandcamp will help Songtradr continue to grow its suite of services for artists. 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.”