Apple Music has hopped onto the bandwagon of providing artists and labels the much-needed relief the music industry is in the need for.
This fund is particularly targeted towards independent record labels. As of last Tuesday, the company launched a $50 million advance royalty fund to make sure the artists can get paid.
As per the qualifications, the letter sent out to labels specified that the independent labels must earn at least $10,000 in quarterly Apple Music earnings to qualify for the royalty advances. The labels must also have a direct Apple Music distribution deal.
The letter began on a heartfelt note addressing the need of the hour stating,
“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.”
In these trying times, companies are doing the best they can and getting innovative with way to help. From SoundCloud to Spotify, they’re all doing their bit. The big guns like The Recording Academy and Live Nation have also created massive funds to the tune of $2 million and $10 million respectively with much more pouring in by way of donations.
Apple will also be one of the many medial platforms airing and supporting the Global Citizen and World health Organizations One World: Together at Home which is set to have performances by Billie Eilish, Chris Martin, J Balvin, Elton John and many many more.
Here is a full copy of the mail sent from the Apple Music team regarding the fund.
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.
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.
Label agreements for the advances will be posted in iTunes Connect, in the Agreements, Tax, and Banking module, on April 10. To receive an advance you will need to accept the Royalty Advance agreement and be on the latest Apple Music distribution agreement before May 8, 2020, at 11:59 p.m. PDT.
We hope that together we can help provide stability for artists by sustaining an enduring and vibrant music sector. If you have additional questions, please contact us.
Thank you and stay safe,
The Apple Music Team
H/T: Rolling Stone
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