It’s no secret that the music industry has been rocked on a global scale since coronavirus. With artists currently unable to tour, revenue can only come from streams or physical purchases such as vinyl and merch, and unfortunately, trends show that music streaming and sales are currently down.
Now, Apple CEO Tim Cook has announced that Apple Music is stepping up to offer its help.
Apple Music are launching a $50 million advance royalty fund to help support indie labels so that operations can continue during the time of coronavirus.
The streaming giant has penned a letter to labels, first published by Rolling Stone. The letter, written by Apple CEO Tim Cook, announces Apple Music’s plan to offer their support to the music industry. The only catch to receive the royalty funds is that the label must have a direct distribution deal with Apple Music. Makes sense. The label also needs to make at least $10,000 every quarter.
In the letter, Cook establishes that his company wants to maintain its positive relationship with the industry:
“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 letter continues, acknowledging that “multiple sources of income that our industry relies on are vanishing overnight.”
Hopefully this $50 million is enough to keep indie labels on their feet until artists are able to once again tour, a longstanding cornerstone for active artists in the music sphere.
Apple Music is not the only platform to be supporting artists and labels during this time. You check out about Spotify’s contributions here.
One great way to support your favourite artists right now is to nab some vinyl online. Suss out the best places to purchase some for your isolation right here.