It's structured as a multi-stakeholder cooperative, from what I understand.
"Building an artist-owned platform is a complex challenge, but it’s one we are uniquely positioned to solve. Our growing coalition includes founders of Ampled, a project that helped pioneer the concept of cooperative platforms, as well as artists, music industry professionals, and specialists in cooperative law and platform economics. "
I could see the economics working similar to OpenCollective, but different governance. I know OC announced a restructuring recently, but I don't think it's a co-op model.
Ah never mind, read through the site a bit more. They are aiming to be the Mondragon [1] of music. The co-op modal seems interesting, so is socially beneficial corp. In the end of day it is all about implementation. It is nice that there are lawyers and economists involved, but are the founders sound artists? have they toured? run a music venue? Asking for the founding fee of $100 seems quite a bit much, but then again does seems a bit like the vibe coming from LA area who is out of touch with the rest of the world.
"Building an artist-owned platform is a complex challenge, but it’s one we are uniquely positioned to solve. Our growing coalition includes founders of Ampled, a project that helped pioneer the concept of cooperative platforms, as well as artists, music industry professionals, and specialists in cooperative law and platform economics. "
From a introductory blog post.
https://subvert.fm/blog/a-collectively-owned-bandcamp-succes...
More on the co-op model in the FAQ.
https://subvert.fm/docs/what-does-it-mean-to-join-the-co-op/