Tricky Situation for Artists
The COVID-19 pandemic has taken over almost the entire world. With almost every major country imposing strict lockdowns to prevent the spread of the disease, the economies around the world are facing massive losses. These losses are ultimately reflecting on other industries also and the music industry is no exception. Record labels all over the world are struggling to combat sweeping concerts and festival cancellations and venue closures, which have resulted in reduced income from public performances, downed physical sales, and reduced sync opportunities due to movie and television productions having come to a sudden halt.
Offering a Semblance of Relief
To help artists, musicians, and the music industry combat the effects of COVID-19, Apple Music has offered a semblance of relief. Recently, the streaming platform officially announced the launch of $50 million advance royalty fund, set in place to ensure that the independent labels and their artists can continue operating and getting paid during this time. According to stipulations, the labels with existing distribution deals on the platform who are earning a minimum of $10000 in Apple Music Royalties quarterly are eligible for the royalty advances. Labels will need to accept the agreement and be under Apple Music latest distribution deal to receive an advance.
Increasing list of Contributors
Apple is latest in the growing list of industry players offering financial relief amid the pandemic. The Recording Academy recently announced a $2million COVID-19 relief fund through its non-profit arm MusiCares. Live Nation has also committed $10 million to its relief fund Crew Nation to assist live workers currently out of a job. Additionally, Apple has announced that it will be donating $10 million to the ‘One World: Together at Home’ benefit, a COVID-19 fundraiser organized by Global Citizen and the WHO in collaboration with Lady Gaga.