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".