Apple Music has launched a $50 million advance royalty fund to ensure that artists will get paid and label operations can continue during the coronavirus pandemic, Rolling Stone reports. The streaming giant confirmed the news in a letter to labels (obtained by Rolling Stone). Eligible labels must have a direct Apple Music distribution deal and earn $10,000 minimum on a quarterly basis.
“These are difficult times for the music industry globally,” the letter reads. 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.”
Several other music industry companies have launched funds to help the music business, including the Recording Academy, Spotify, SoundCloud, and Live Nation. Read “How to Help Musicians During the COVID-19 Crisis.”