A highlight from How I Built Resilience: Ethan Diamond of Bandcamp

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Performances and the artists keep more than eighty percent of the profit band. Camp had been steadily growing since its launch in two thousand seven but last year was its biggest yet. Traffic to the site surged as concerts and festivals. Mostly shut down. You know as you said. We're essentially an online record store and use a community where fans connect with artists and directly. Support them and about half. The business is physical record. So vinyl cassettes cds. A lot of t-shirts as well and then half the business is a digital music. So people buying Digital and digital tracks directly from the artist and we also recently launched live streaming. So now tickets are part of it as well but You know. I would say that the thing that really sets us apart is that we just built the whole company and the welfare of the artist. So we don't we don't sell advertising. We don't really focus on subscriptions. We just help. Artists sell their music. And then we take a small revenue share on every sale. So what to say is that we only make money. If artists make a lot more money and sort of alignment of interest that we have built into our business model is really just everything about i would were. I would say an artist. I music company and something like eighty. Five percent on average of the revenue goes directly to the artist right. Yeah it's it ends up being There's payment processing fees Fee so on our and it varies by transactions is comes out to about eighty two percents that goes directly to the to the artist and then we pay that out every it usually takes about twenty four to forty eight hours. I've heard it described a little bit like esi for independent music. Is that a fair comparison. Totally yeah i and which i take is a complimentary. I think that that's i think it's a really good comparison at ca and banker both really large marketplaces that I think really focus on supporting the creators. Yeah i buy a lot of stuff not actually this past year all right so so in the late nineties. One of my favorite books Which is when when. I reread it now. Rethink about it now. It's a little bit dated just because of the content but it was at the time what was a younger man. Always high fidelity. I love that book by nick. even like the movie even though it took place in chicago on the uk and so was that you like the you launch this in two thousand seven guy where you like. I'm gonna launch independent record store online. And what how did you come up with the idea. Yeah i don't know if wasn't quite the thought initially wasn't really a record store. It evolved into that sold out secretary so basically what happened is about thirteen years ago. There was a band of that. I loved and they decided that they were going to sell their new record to us directly to their fans on their own website and on the day that record came out i went to their site and decide. Just didn't load at all. And i thought oh they must they must be slammed all come back to the next and And the slight loaded on that day but it loaded very very slowly This was also in the days of flash. everything was wo- you know a while to figure out exactly what was going on on the site. But eventually i bought the album and but then i didn't actually get anything. The transaction went through but no no music. It was never sent to you. I was like a digital. It was going to be a digital a digital but was the band by the way you know i. I don't want to call them out because the point is that it was a lot of bands at this point. You know i wrote to. There's an email address on the site. And i wrote to the The address and i think it was the lead singer who wrote me back. And he's just sent me a link to a zip file Totally opens at viale. You know anybody could then share. And and then i opened that up and there were all these all of these files with names like master three final blow body. No liner notes. Nothing and i just basically in this process ran into every technical problem that you can imagine now at just. It chilled me for two reasons. You one either. Music was amazing. And i thought the artist i thought they deserved all the success in the world. And you know when you love right artists. You want everybody else to hear right so right. I like as a result of all these problems. Very few other people would but the other thing that killed me about it was that i thought that what they were doing like it made perfect sense. You know of course. An artist should be able to go directly to their fans for support. The internet next dot super easy. This is the promise of it. I bank and and i also think just creates this. Mutual bad directa connection creates this mutually beneficial relationship. Because not only does the artists get to make more music. When i pay them but also i get to feel like on participating in the creation of more of the art that i love so i'm more directly connected to that music but You know this was two thousand seven and there were no mechanisms for musicians are as my space paid seattle. They didn't have a way through my space to sell directly to right and and it wasn't really your site. It was their logo. A bunch of their advertising was their whole identity right. And then so you had like all of these forward thinking bands in my opinion who are spending a lot of time a lot of money building out customs sites and then ending up with something that you know didn't really work and i found particularly crazy because again in two thousand seven. If you're a writer you had blogger type pad move all these things that led you set up your own site very very quickly

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