According to RollingStone, Apple quietly launched a $50 million coronavirus fund to help struggling indie labels and artists.
The magazine obtained a letter that Apple sent to the labels, announcing royalty advances for those with Apple Music distribution deals.
“These are difficult times for the music industry globally.
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,” says the letter.
To qualify for this advance, the indie labels must have reached at least $10,000 in quarterly Apple Music earnings.
With most festivals like Coachella or SXSW cancelled, not just in the US, the music and entertainment industry was hit hard by coronavirus.
Just like any industry, especially events-related, the small, independent artists suffer the most, so any help big companies can provide is welcome.
With this gesture, Apple is joining the ranks of other streaming companies, who pledged money to the MusiCares COVID-19 Relief Fund in the US.
Spotify, Facebook, Amazon Music, SiriusXM and Pandora, Tidal and YouTube Music all announced contributions.
Spotify itself is now letting artists put links on their profiles to direct listeners to support them with donations.