Music Streaming is a very hot topic now. Nielsen SoundScan reported that 70% of the music consumed January through June was either downloaded or streamed, and big players like Apple have taken notice and decided to enter the market.
Although there will be a battle in the streaming business, Bandcamp has decided to provide a new option to benefit musicians. Musicians can already sell their music and merchandise, but now artists’ will be able to create a subscription based plan for their music too. Paying fans can access songs as they become available through the Bandcamp app, and artists’ can offer part of their existing catalog for opting in. They can release new songs or albums to subscribers for a limited time if they choose, and can give them a blanket discount on merchandise that they are selling at their stores.
Musicians will have more control as they can create their own music subscription and set the cost of the plan (Bandcamp takes 15%, and this drops to 10% once $5,000 in sales is reached).
This may be a good additional revenue stream for artists’ in the future if they can convince fans to opt in for their streaming services over others available in the market.