Apple Music has started a $50 million relief fund for independent record labels, who have a direct Apple Music distribution deal and earn $10,000 minimum on quarterly basis. This fund will be distributed as an advanced royalty fund to ensure that music acts will get paid and label operations can continue during the coronavirus pandemic.
“These are difficult times for the music industry globally,” the letter reads. 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.”
Other organizations such as the Recording Academy and its charity affiliate MusiCares launched relief fund earlier this year to support music industry professionals who have been affected by cancellations caused by the coronavirus outbreak. Local businesses in Austin, Texas have also rallied support behind artists, workers and partners who have been affected by the cancellation of SXSW, one of the largest festivals in the US.
The Paradigm Talent Agency recently created $1.1 million relief fund to aid the workers it had recently laid off, however this fund came after the company was hit with a lawsuit. The suit alleged that the company engaged in financial misdealings, and went as far as accusing the company’s CEO’s of “allegedly hiring prostitutes with money from Paradigm.” The company has denied all of the allegations put forward by the lawsuit.
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