According to a replacement report from Rolling Stone, Apple Music has started a $50 million COVID-19 advance fund for indie labels.
Through this fund, Apple are going to be ready to make sure that artists still get paid despite the coronavirus pandemic.
Apple announced the new fund in an email to independent record labels this afternoon.
Those labels who have an immediate Apple Music distribution deal and earn a minimum of $10,000 in quarterly Apple Music earnings will qualify for the advances on future royalties.
Apple says that this program is in straightness that advances are going to be funneled to “arts and label operations supported financial need.” the e-mail explains:
Royalty advances are going to be offered to independent labels with an immediate Apple Music distribution deal who meet a minimum quarterly threshold of $10,000 in Apple Music earnings. Each advance are going to be supported the label’s past earnings, and can be recoupable against the label’s future earnings. This offer is in straightness that labels will channel funds to artists and label operations supported financial need.
In the email, Apple says that this is often its way of helping during what are “difficult times for the music industry globally.”
These are difficult times for the music industry globally.
Livelihoods are in danger , with multiple sources of income that our industry relies on vanishing overnight. Apple features a deep, decades-long history with music, and that we are proud to be in close partnership with the simplest labels and artists within the world. we would like to assist.
As Rolling Stone points out, the music industry has been hit hard by the COVID-19 pandemic. Concert tours and major festivals like Coachella are delayed or canceled entirely. “Most musicians believe live touring revenue, as do venue workers, tour managers and lots of other live crew members who are now out of labor,” the report explains.