Apple Music has launched a $50 million advance royalty fund to help independent labels ensure that their artists are paid amid the economic devastation of the coronavirus pandemic, according to rep…
According to a letter sent to the labels and cited by Rolling Stone, independent labels that earn at least $10,000 in quarterly Apple Music earnings will qualify for the royalty advances. To qualify, the indie labels are required to have a direct Apple Music distribution deal.
Notably, the effort reaches out to a sector — indie labels — that has not been a prominent recipient of the multiple, and welcome, outreach efforts in recent weeks. Among many other laudable efforts. MusiCares has made heroic efforts toward musicians and industry executives whose livelihoods have been decimated by the pandemic, and Live Nation has stepped up with Crew Aid, directed toward live-entertainment professionals.
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.
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