Bandcamp is an online music store. Over 16 years, it has built a huge catalog of independent artists and independent labels. Last year it was sold to software developer Fortnite, and last month Fortnite sold it to Songtrdr.
At the time of the acquisition Songtrdr was singing an upbeat song.
Songtradr confirmed the purchase from Epic Games last month, writing in a statement: “This acquisition will help Bandcamp continue to grow within a music-first company and enable Songtradr to expand its capabilities to support the artist community.”
But now it is singing a different tune, and it sounds like the blues.
Announcing the layoffs, Songtradr outlined that it had completed its acquisition of Bandcamp and explained: “Over the past few years the operating costs of Bandcamp have significantly increased … 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.”
Thanks for building our business. Don’t let the door hit you on the way out.