Bands are being massively affected by the economic pressures of being forced to stop touring in the midst of the coronavirus but Bandcamp is helping out by waiving their cut of sales starting this Friday (March 20).

The company announced the move today (March 18) in conjunction with a number of labels who will similarly be giving all proceeds to artists.

Read More: 'Friends' reunion special postponed due to coronavirus pandemic

Some of the record labels participating include Deathwish Inc., Run For Cover, Sargent House and Father/Daughter Records.

Co-founder and CEO Ethan Diamond is offering a statement on the move which you can read below.

“To raise even more awareness around the pandemic’s impact on musicians everywhere, we’re waiving our revenue share on sales this Friday, March 20th (from midnight to midnight Pacific Time), and rallying the Bandcamp community to put much needed money directly into artists’ pockets.”

It continues: “For many artists, a single day of boosted sales can mean the difference between being able to pay rent or not. Still, we consider this just a starting point. Musicians will continue to feel the effects of lost touring income for many months to come, so we’re also sharing some ideas below on how fans can support the artists they love and how artists can give fans new, creative ways to provide support.”

Sleep On It "Burning At Both Ends"La DisputeNeck DeepBetween You & MeElder Brother 

Read More: Recording Academy and MusiCares reveal COVID-19 relief fund

The music industry is banding together in these dark times in a number of ways. Yesterday, the Recording Academy and MusiCares also revealed they were starting a COVID-19 relief fund for people working in the industry. The fund is seeing both organizations donating $1 million each to their Relief Fund to help industry workers impacted by the economic losses during the pandemic.

Further, all Recording Academy Chapters are committing to fundraising in local communities. They’ll also be hosting virtual concerts to crowdfund.

You can learn more about the fund here.

If you're looking for more ways to help out bands and your local music scene, check out these ten ways you can help out in these difficult times.

What do you thin of Bandcamp's initiative in helping musicians with their income in the midst of the pandemic? Let us know in the comments below.

See More: Warped Tour Atlantic City from the pit: ADTR, SWS, Neck Deep and more
[envira-gallery id="217198"]