Apple Music Coronavirus music industry Apple Music

What Does Apple Music’s $50 Million COVID-19 Fund Mean for Indie Labels?

Reading now: 989
pitchfork.com

This week, Apple Music unveiled a $50 million advance royalty fund aimed at ensuring that artists on independent record labels get paid during the coronavirus pandemic.

Announced at a time when streaming numbers are down and musicians’ touring income is stagnant, the program will essentially offer interest-free loans against future royalties to indie labels and distributors that earn $10,000 or more through Apple Music per quarter and have a direct distribution deal with the streaming service.

Apple, which has $207 billion in cash at its disposal, is the latest industry giant to offer COVID-19 relief, following efforts from the Recording Academy, Spotify, SoundCloud, and Live Nation.

Read more on pitchfork.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA