Warner Music Group and the Family Foundation of its primary owner Len Blavatnik have announced a $100 million fund to support social justice organizations following the music industry’s Blackout Tuesday. The company will be seeking to provide funds for organizations supporting the music community, education along with organizations supporting equality, opportunity, diversity and inclusion.
An advisory panel will also be set in place to determine when and how these funds will be distributed across various organizations. Many high profile performers such as Tegan and Sara, Jack Antonoff and The Weeknd have called on the music industry to “go big” with donations to these causes following #BlackOutTuesday. The Weeknd also donated $500,000 of his own money to black empowerment organizations.
To my fellow respected industry partners and execs- no one profits off of black music more than the labels and streaming services. I gave yesterday and I urge you to go big and public with yours this week. It would mean the world to me and the community if you can join us pic.twitter.com/tWzHMacnu5
— The Weeknd (@theweeknd) June 2, 2020
“This fund will support the extraordinary, dedicated organizations that are on the front lines of the fight against racism and injustice, and that help those in need across the music industry,” Warner Music Group CEO Steve Cooper stated . “Our advisory panel, which will draw from a diverse cross-section of people from our team and the wider community, will help us be very thoughtful and accountable in how we make an impact. We’re determined to contribute, on a sustained long-term basis, to the effort to bring about real change.”
Warner Music Group has gone through a massive 2020, with the launch of its initial public offering only a week ago, while also facing setbacks due to the COVID-19 pandemic. The pandemic caused the company to report a total of $74 million in losses during the second quarter of 2020.