The world needs to band together right now to fight the COVID-19 virus outbreak. This is no longer an issue of one country facing a crisis, but the entire world. As such, we’re starting to see various companies starting to make changes to their operations to help do their part in combating this disease.
For Apple, it seems that they are working on multiple fronts. According to a report from Music Business World, they have learnt that Apple Music has quietly set up a $50 million advanced fund that they will be giving to indie music labels and distributors who might have been affected by the coronavirus outbreak.
Given that smaller companies do not have the same cashflow or resources compared to bigger companies, it could spell trouble for some of them. With this $50 million advanced fund, indie labels who meet Apple’s requirements will be eligible to receive a one-off advanced payment for royalties.
Some of the criteria needed includes a minimum quarterly threshold of $10,000 in Apple Music earnings every quarter, and must also have a direct distribution deal with Apple Music. This means that indie labels must distribute directly through Apple Music, as opposed to distributing through a major label, who then distributes it through Apple Music.
Apple has yet to officially confirm anything, but given what Apple has been doing recently, such as providing face masks and also designing and producing face shields for frontliners, such a move wouldn’t come as a complete surprise.
Filed in . Read more about Apple Music, Coronavirus, Covid-19, Entertainment and Music. Source: musicbusinessworldwide