Los Angeles-based B2B music licensing company Songtradr has announced its acquisition of Bandcamp from Epic Games. The acquisition will allow Songtradr to continue operating Bandcamp as a marketplace and music community with an artist-first revenue share. Bandcamp, which boasts over 5 million artists and labels, will also benefit from Songtradr’s global licensing network, offering artists the ability to license their music to various media platforms and increase their earning capacity. Epic Games, meanwhile, plans to partner with Songtradr to build a music inventory and explore licensing options for use within its ecosystem.
Paul Wiltshire, CEO of Songtradr, expressed excitement about the acquisition, stating that it will help the company expand its services for artists while maintaining a focus on artistry and creativity. Steve Allison, Vice President and General Manager at Epic Games, emphasized the shared values between Songtradr and Bandcamp in ensuring fair compensation for artists. He expressed confidence that bringing Bandcamp to Songtradr will make it easier for independent artists to connect with creators and developers looking to license their music.
The news of the acquisition comes as Epic Games confirms layoffs, divesting Bandcamp in the process. Despite the layoffs, Epic Games remains optimistic about the future and its prospects as a leading metaverse company. The funding acquired from the acquisition will be used to support the laid-off employees, providing them with a severance package and additional benefits. The acquisition will allow Songtradr and Bandcamp to combine their expertise in music licensing, composition, rights management, and distribution to further support and serve the artist community.