Epic Games buys online music store Bandcamp – Triangle Business Journal – The Business Journals

For its latest buy, the Cary company behind global hit “Fortnite” is going outside the video game arena.
Game developer Epic Games announced Wednesday that it’s buying Bandcamp, an online music store. The firm noted in a blogpost that Bandcamp “will play an important role in Epic’s vision to build out a creator marketplace ecosystem for content, technology, games, art, music and more.”
Company executives were not available to comment on the move, according to a spokesperson, and financial details were not available.
In terms of scope, the buy stands out.
Other recent acquisitions by Epic have been firms whose technology directly adds to Epic’s capabilities – such as its 2020 buy of facial animation technology firm Hyprsense – or traditional video game companies – such as last year’s buy of Rock Band developer Harmonix and the 2019 deal for Rocket League maker Psyonix.
Deeper dive: Epic Games CEO Tim Sweeney talks strategy in exclusive interview
Bandcamp is an internet music company. The California firm, founded in 2007 by Ethan Diamond, Shawn Grunberger, Joe Holt and Neal Tucker, calls itself an online record stores and music community where fans can discover and support artists.  
Diamond, in a blog post Wednesday, said the companies “share a vision of building the most open, artist-friendly ecosystem in the world.”
Bandcamp will keep operating as a standalone marketplace and music community. Diamond will stay on to lead the team, which will continue offering services as it normally would.
“However, behind the scenes we’re working with Epic to expand internationally and push development forward across Bandcamp, from basics like our album pages, mobile apps, merch tools, payment system, and search and discovery features, to newer initiatives like our vinyl pressing and live streaming services.”
Reaction to the news on social media was mixed, with many Bandcamp fans worried about its ability to stay independent.
That’s as some Tweets from fans more optimistic, such as one user who wrote that he hoped “that bandcamp with more money and dev infrastructure will lead to good and not evil.”
Epic CEO Tim Sweeney tweeted a welcome message to Bandcamp Wednesday, telling followers the deal means “lots of exciting possibilities for the future.”
In an interview last year, Epic President Adam Sussman said the firm’s overarching metaverse mission guides its acquisitions. It looks for capabilities first, not companies.
“We understand that the vision we’re creating is going to have a lot of building blocks, a lot of components,” Sussman said at the time.
More acquisitions could be on the way, as Epic has cash to burn. Last year the company, which is currently planning a new headquarters campus in Cary, raised another $1 billion.
Chinese firm Tencent is a minority backer in Epic and has major music holdings, particularly in its home country.
© 2022 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/21) and Privacy Policy and Cookie Statement (updated 7/20/21). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.


Leave a comment

Your email address will not be published.