To help support the independent community, Apple Music is launching a $50m advance fund to provide vital cash flow for those hit the hardest by the lockdown. This is an incredible resource that’ll help the independent sector move forward during this difficult time. Here’s what you need to know.
Apple Music Launches $50M Advance Fund for Indie Labels Hit by COVID-19
Record labels all over the world are experiencing unprecedented misfortune because of the Coronavirus lockdown. Physical sales are plummeting because of closed stores. Cancellations of shows are slashing artist’s income. The lack of public performances and sudden stop of movie/ TV production has negatively and heavily affected licensing income from public performance plays and sync placements. The economy of our community is in trouble.
Apple Music is stepping up.
Independent labels and distributors among Apple Music’s ranks who meet a minimum quarterly threshold of $10,000 in Apple Music earnings can qualify for one-off advance payments on future royalties out of the $50m fund.
- Qualifying indie labels and/or distributors must have a direct distribution deal in place with Apple Music.
- This rules out indie labels who are distributed by major record companies
These funds are not only helping labels maintain operations, but giving them the resources to continue to pay their artists what they deserve.
The support the independent sector has received from Apple and many other big names in the industry has been phenomenal. How we make it through this difficult time is directly influenced by the way we stand together. Because we’re stronger together than apart.
For additional support during this time, be sure to check out: