Apple Music today announced to independent record labels that it is launching a $ 50 million royalty fund to ensure that artists are paid for in the ongoing pandemic.
In letters to record labels seen and shared by Rolling Stone Apple said that livelihoods are at risk and that it "wants to help".
These are difficult times for the music industry worldwide. The livelihood is at risk and our industry relies on several sources of income that disappear overnight. Apple has a long, decade-long history of music and we pride ourselves on working closely with the best labels and artists in the world. We want to help.
Today, "Apple Music" announces the creation of a $ 50 million fund available to independent labels as an advance on future license fees to help them pay artists and keep operations running.
License fees are offered. Independent labels with a direct “Apple Music” distribution agreement that meet a minimum quarterly threshold of $ 10,000 for “Apple Music” earnings. Each advance is based on the label's previous earnings and will be credited with the label's future earnings. To the best of our knowledge and belief, this offer is that labels transfer money to artists and label companies for financial reasons.
Advances label agreements will be released on April 10th in iTunes Connect in the Agreements, Taxes, and Banking module. To receive an advance, you must accept the Royalty Advance agreement and sign the latest Apple Music distribution agreement before May 8, 2020 at 11:59 p.m. PDT.
We hope that together we can help give stability to artists by maintaining a lasting and vibrant music sector. If you have any further questions, please contact us.
Independent record labels that generate quarterly Apple Music earnings of at least $ 10,000 are eligible for royalty payments, and a direct contract to distribute Apple Music is required.
According to Rolling Stone the music industry has had problems in recent months as live music has been suspended and many concert tours and major music festivals have been postponed or canceled. Music streaming has also failed and artists are postponing album release dates.