Apple Music Launches $50M Fund to Help Indie Labels During Coronavirus Shutdowns

Apple Music is jumping in to help indie labels during the coronavirus pandemic. The company announced this week that it will be launching a $50 million advanced royalty fund to assist indie labels that are being impacted during shutdowns put in place due to the COVID-19 outbreak.

Labels are “eligible to receive advances if they earned at least $10,000 in quarterly Apple Music revenue,” according to Rolling Stone.

“These are difficult times for the music industry globally,” a letter from Apple Music read. “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.

“Today Apple Music is announcing the creation of a $50 million-plus fund available as advances on future royalties to independent labels, to help them pay artists and maintain operations …┬áThis offer is in good faith that labels will channel funds to artists and label operations based on financial need.”

The labels also music have a direct distribution deal with the streamer to qualify.

The coronavirus mainly comes from animals and a majority of those who were infected early either worked at or frequently visited the Huanan seafood wholesale market in Wuhan, according to The Guardian. The virus is similar to Severe acute respiratory syndrome (Sars) and Middle Eastern respiratory syndrome (Mers).

The Wuhan coronavirus is transmitted from person to person through “droplet transmission.” That means an infected person can pass the virus by sneezing or coughing on another person as well as by direct contact.

While a majority of the cases have been detected in the United States and China — with more than 12,900 deaths in the United States which surpasses and nearly triples the death toll of the September 11 terrorist in New York City — it has now reached many countries around the world. It has also been confirmed in Italy, Australia, Canada, France, Germany, and many other eastern countries.

Carole Baskin Not Interested in New ‘Tiger King’ Episode
Carole Baskin Not Interested in New ‘Tiger King’ Episode
  • 10678531520930918