Apple announces $50 million Royalty Advance Fund for independent labels
What you need to know
- Apple has announced a $50 million Royalty Advance Fund for indie labels.
- The fund will be provided in good faith to provide labels and artists with pay during the pandemic.
- The music industry has been hit hard by the crisis as concerts, recordings, and albums have been canceled or postponed.
Apple has been bringing forth a number of efforts to combat the coronavirus pandemic, and its latest effort seems to be targeted at the music industry.
As reported by Rolling Stone, the company has sent a letter to independent record labels that it is starting a $50 million Royalty Advance Fund to help the labels and artists weather the crisis.
According to the letter, advances will be made available to labels with a direct Apple Music distribution deal that earn at least $10,000 a quarter through the service. Apple says that advances are being provided "in good faith that labels will channel funds to artists and label operations based on financial need."
Rolling Stone says that the fund should help those in the industry impacted by the pandemic. The outlet explains that "most musicians rely on live touring revenue, as do venue workers, tour managers, and many other live crew members who are now out of work."
Apple says that it will make agreements for the advances available to labels through iTunes Connect on April 10th. In order to be eligible for the offer, labels must accept the Royalty Advance agreement and be on the latest Apple Music distribution agreement before May 8th.
You can read the full letter from Apple to the labels below:
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.