Bummed out your favorite Grammy-nominated artist didn't take home a statue during this week's event?
Don't feel too bad. While many of the nominees up for one of the 58th Annual Grammy Awards on Monday didn't actually score a win, many artists still reaped benefits from the award show's bump.
The "Grammy Bump" phenomenon refers to the surge in record sales of popular Grammy-nominated or awarded artists that year. And for some of those names, it provides quite the boost in sales.
For one of the artists behind 2015's Album of the Year nominations, Sam Smith, the effect was real. According to Billboard, Smith's "In the Lonely Hour" saw a 168 percent surge in sales in the two-week period after last year's ceremony. That's despite the fact that Beck's "Morning Phase" took home the award.
Scott Borchetta, president and CEO of the Big Machine Label Group, has represented countless nominees, from now 10-time Grammy winner Taylor Swift to this year's lesser-known nominee for Best American Roots Song, the Mavericks.
"A Grammy nomination means 'acknowledgment by your peers' in a very true sense," Borchetta told CNBC. "Every artist's work is an attempt to communicate. A Grammy nomination, on a psychological level, gives validation that the artist has connected to the greater artistic community and industry at large as well as marking its public impact."
For performers, that psychological validation can easily turn into hard cash. Thanks to the wonders of digital music, nominees and winners almost invariably see a boost in downloads and streaming in the wake of major awards shows, which also lifts concert ticket sales.
Although Taylor Swift's multi-platinum chart topper "1989" hit stores in October 2014, her three Grammy wins this week made her album one of the top downloads on both Apple's iTunes and Amazon's best sellers music list this week.
Other artists who saw a burst in digital sales this week included Kendrick Lamar (whose "To Pimp a Butterfly" scored Best Rap Album) and Adele—who wasn't in this year's winner's circle but got a rapturous response for her latest release, "25".
For big-name stars, success is only partly contingent on a Grammy win, which merely enhances their considerable fortunes. Yet for some artists who fly below the radar, Grammy nods have a noticeable value.
Robert Glasper, a jazz pianist and experimental rhythm and blues (R&B) performer who prides himself on making music outside the pop box, won a Grammy for his 2012 album "Black Radio." Ever since, Glasper told CNBC he's seen album sales and collaboration requests jump.
Read MoreMost marketable musicians
"My 2009 album ['Double Booked'] did worldwide 10,000 to 15,000 [units] in sales at best," Glasper said. "Now compare that to my album 'Black Radio,' which peaked at 200,000, and my 2013 album 'Black Radio 2' which is at around 150,000. It helped a lot."
Glasper landed another nomination in this year's Best Jazz Instrumental Album for his latest album, "Covered: Recorded Live at Capitol Studios." He said his 2012 Grammy win helped spur additional fan curiosity in his past work. Since winning the golden gramophone Glasper has worked with Jay-Z, Kanye West, Chaka Khan and Maxwell. He was also selected as a Steinway Artist, alongside the top 98 percent of the world's active concert pianists, including Lang Lang and Billy Joel.
For Grammy nominees and winners, the remainder of this week and the following seven days will be key. Billboard, the record industry's official gatekeeper, notes that the best way to gauge the impact of the Grammy bump is to compare sales generated in both the week of show and the week following. Last year, the music of artists featured on the awards show saw a combined 87 percent sales surge after the 2015 Grammys, Billboard data showed.
— CNBC's Kerima Greene contributed to this article