Apple Music has announced that it’s launching a $50 million USD advance royalty coronavirus relief fund for independent record labels and artists. As reported by Rolling Stone, the fund will ensure that musicians get paid and that label operations can continue throughout the pandemic. According to a letter sent out by Apple Music to indie labels, eligible labels must earn at least $10,000 in quarterly Apple Music earnings and have a direct Apple Music distribution deal.
“These are difficult times for the music industry globally,” the letter states. “Livelihoods are at risk, with multiple sources of income that our industry relies on vanishing overnight. Apple has a deep, decades-long history with music, and we are proud to be in close partnership with the best labels and artists in the world. We want to help.”
The move follows a variety of other companies that have launched relief funds to help the music industry. Spotify, the Recording Academy, Live Nation, Sony, and SoundCloud have all created funds aimed at supporting artists, music industry professionals, and creative communities.
For more music industry news, paid music streaming subscriptions saw a 32% rise in 2019.