Apple Music Fund Gives $50 Million to Indie Labels

1 minute read
| Product News

Apple Music has created a US$50 million fund for indie labels so that struggling artists can still get paid during the pandemic (via Rolling Stone).

Apple Music Fund

According to documentation, indie labels that earn at least US$10,000 in quarterly earnings from Apple Music can qualify for the fund. Labels must also have a direct distribution deal with Apple Music.

These are difficult times for the music industry globally,” the letter says. “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.

The advance is recoupable against a label’s future earnings. Label agreements will be posted in iTunes Connect as part of the Agreements, Tax, and Banking module, on April 10. Labels must accept the Royalty Advance agreement and join the latest distribution agreement with Apple Music before May 8, 2020.

Further Reading

[Jack Dorsey Donates $1 Billion to COVID-19 Relief]

[Apple Q2 2020 Earnings Call to Take Place April 30]

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