Bandcamp Faces Layoffs After Acquisition by Songtradr
About half of Bandcamp’s employees have lost their jobs following the company’s acquisition by Songtradr, a move that comes after mounting financial pressures. Only 58 of Bandcamp’s 118 employees received contract offers to continue working with the company, leaving the rest in limbo.
Songtradr spokesperson, Lindsay Nahmiache, explained that the decision was driven by a need to address Bandcamp’s increasing operating costs. She highlighted that the acquisition aimed to create a sustainable and healthy company that can continue serving the artist and fan community. Nahmiache reassured that Bandcamp’s artist-first revenue share, Bandcamp Fridays, and Bandcamp Daily will be maintained.
The acquisition comes just over a year after Epic Games unexpectedly bought Bandcamp. Employees were initially organized under Epic but are now pushing for Songtradr to acknowledge their union.
Severance negotiations will take place between the employees and Epic Games, with union members and nonmembers expecting different severance packages.
Source: Bandcamp loses half its staff after being bought by Songtradr
