Apple has launched a new Apple Music fund to help independent labels through the virus outbreak around the world.
Apple has setup a fund of $50 million which will be given ad advanced royalties to independent music labels that need the money to keep going through this difficult time.
Rolling Stone saw the letter than was sent out to these labels and you can see part of the letter below.
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.
Royalty advances will be offered to independent labels with a direct Apple Music distribution deal who meet a minimum quarterly threshold of $10,000 in Apple Music earnings. Each advance will be based on the label’s past earnings, and will be recoupable against the label’s future earnings. This offer is in good faith that labels will channel funds to artists and label operations based on financial need.
This is good news for the smaller labels as they may have struggled through this time and hopefully this will keep them going until things are resolved.
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