According to a new report from Rolling Stone, Apple Music has started a $50 million COVID-19 advance fund for indie labels. Through this fund, Apple will be able to ensure 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 a direct Apple Music distribution deal and earn at least $10,000 in quarterly Apple Music earnings will qualify for the advances on future royalties.
Apple says that this program is in good faith that advances will be funneled to “arts and label operations based on financial need.” The email explains:
In the email, Apple says that this is its way of helping during what are “difficult times for the music industry globally.”
As Rolling Stone points out, the music industry has been hit hard by the COVID-19 pandemic. Concert tours and major festivals like Coachella have been delayed or canceled entirely. “Most musicians rely on live touring revenue, as do venue workers, tour managers and many other live crew members who are now out of work,” the report explains.
Read the full report from Rolling Stone here.
