Epic Games sold Bay Area-based Bandcamp to Songtradr, with 50% of the fan favorite's employees laid off along the way.
Bandcamp built a unique music business: profitable and good for artists with a popular editorial arm. Now, half the employees at the Bay Area firm are losing their jobs, victims of a sudden corporate swap. The Oakland-based company was purchased by Epic Games — maker of Fortnite and Gears of War — in early 2022. In September, just a year and a half later, Epic announced its plan to sell Bandcamp to Songtradr, a Santa Monica company that specializes in music licenses.
granted the employee anonymity in accordance with Hearst’s ethics policy. Bandcamp co-founder and former CEO Ethan Diamond’s Slack account is also now deactivated, according to a screenshot viewed by , that announced the close of the acquisition to remaining Bandcamp employees. “Transparently, the financial state of Bandcamp has not been healthy. While the revenue has been consistent, over the past few years the operating costs have significantly increased making it impossible to continue running the business the way it has been.” But Bandcamp is hardly a money-burning tech firm.
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