Bandcamp pricing strategies for artists
Never give away music for free; always at least ask for an email address in return.
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Let’s dive into today’s topic:
Bandcamp pricing strategies for artists
Direct-to-fan platforms provide artists with powerful pricing flexibility, and Bandcamp stands out as the premier example. From pay-what-you-want options to full discography bundles, the correct pricing approach can help artists generate more downloads, and thus more revenue.
Why it matters
The psychology of pricing is a research field of its own. Pricing is a crucial brand association that can significantly influence a brand’s success or failure.
Yet, pricing is not the first thing artists think about when uploading a track to Bandcamp. Artists could benefit from basic insights into pricing strategies that maximise revenue and fan engagement.
How it works
Some effective pricing strategies for artists on Bandcamp:
Pay with email address: Bandcamp calls it "Free download," but this is actually a great tactic for building a fanbase: Give away music in exchange for an email address. This tactic works well with unofficial releases like edits and free sample packs.
Let fans pay if they want: This is another form of free download, but with the option to pay. This approach is always better than merely requiring an email address, as it demonstrates that music holds economic value.
Align with Bandcamp's pricing benchmarks: Bandcamp recently updated their suggested default pricing for music to $9.00 for an album and $1.50 for tracks, bringing Bandcamp's defaults in line with industry standards and chart eligibility.
Offer DJ tracks at a lower price: If charting isn't part of your strategy, consider reducing the price for tracks to €1,00 or $1.00 and allow fans to pay more if they want. This psychological price barrier appeals to DJs (ranging from bedroom hobbyists to touring pro performers) using Bandcamp as their source for purchasing tracks for sets.
Also consider this:
Never give away music for free; always at least ask for an email address in return.
Never uncheck “let fans pay more if they want.” Bandcamp states that people pay more than requested over 40% of the time.
Don’t use charm prices, such as €0,99. Instead, use rounded prices, such as €1,00. Charm prices are better suited for rational purchases, and music purchases are always emotional.
Consider upselling tactics: Place the music download next to a higher-priced option with a physical product, such as a tape or vinyl. Or, provide an option to purchase the entire discography for a discount.
Like other platforms such as iTunes and Beatport, Bandcamp takes a percentage. This fee is waived during Bandcamp Fridays, an initiative started during the COVID-19 lockdowns to support musicians.
Artists can release to Bandcamp without distributors such as CD Baby, Distrokid, or TuneCore.
The revenue is transferred to the artist’s PayPal account, which may lead to additional fees.
Yes, but..
Brand equity—roughly translated as the price people want to pay more for a brand compared to the identical product from other brands—plays a significant role in pricing psychology. An investment in branding always pays off in the long run to achieve a higher perception of value.
Take action now
Artists could evaluate their current pricing on Bandcamp and double-check whether they allow fans to pay more. They could also consider experimenting with different price points to find what works best for their specific audience.
Your thoughts
Artists have full control over their pricing on Bandcamp. Therefore, I'd love to hear your thoughts on your pricing model in the comments below. What works for you? What would you recommend to fellow artists?
Further reading
What pricing performs best? (Bandcamp Selling FAQ)
Default Album Price Change: What Artists Need to Know (Bandcamp Blog)
The Psychological Difference Between $12.00 and $11.67 (The Atlantic)
The Price is Right..? (Opus Science Collective)
Why 'Name Your Price, No Minimum' Is Better Than A 'Free Download’ (High Five For..)
It’s a Business Model (Bandcamp Blog)
Business Model Canvas – Bandcamp (Lumo Business)
Was Bandcamp the answer all along? (Future Filter)
The Bandcamp Dilemma: Name Your Price or Pay Mine? (Sonicbids)
How to use download codes on Bandcamp (The Fanbase Builder)
Artists shouldn’t rush releasing music to streaming platforms (The Fanbase Builder)
We’ve forgotten how to buy music (The Fanbase Builder)
Artists should normalise buying music again (The Fanbase Builder)