Apple Music launches $50 million royalty fund to help record labels

The COVID-19 outbreak has affected the operations of nearly all industries across the globe. This includes the music enterprise that earns a significant part of its revenue from recordings, music concerts and tours. And so Apple Music has released a $50 million to assist its report labels, and artists get thru this pandemic.

The organisation asserted in an email to impartial file labels wherein it explained the terms and situations of having the price range. As per the letter visible by means of the Rolling Stone, the agency pays advances on destiny royalties to independent labels so one can help them pay artists and keep operations. “This provision in good faith that labels will channel finances to artists and label operations based on economic need,” the email says.

“These are tough times for the music industry globally. Livelihoods are at risk, with a couple of assets of earnings that our industry relies on vanishing overnight. Apple has a deep, decades-long record with music, and we are proud to be in close partnership with the excellent labels and artists inside the world. We need to assist,” the employer added.

According to the letter, the advance royalties will be given to independent labels which have a direct address Apple Music and who earn at least $10,000 in their quarterly Apple Music income. Furthermore, the agency said that every advance could be based on the label’s past income and that it is going to be recoupable towards the label’s future revenue.