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What Does Apple Music’s $50 Million COVID-19 Fund Mean for Indie Labels?
This week, Apple Music unveiled a $50 million advance royalty fund aimed at ensuring that artists on independent record labels get paid during the coronavirus pandemic. Announced at a time when streaming numbers are down and musicians’ touring income is stagnant, the program will essentially offer interest-free loans against future royalties to indie labels and distributors that earn $10,000 or more through Apple Music per quarter and have a direct distribution deal with the streaming service. Apple, which has $207 billion in cash at its disposal, is the latest industry giant to offer COVID-19 relief, following efforts from the Recording Academy, Spotify, SoundCloud, and Live Nation.