In a huge move, it’s being reported that Apple Music have quietly started a $50 million relief fund to help independent artists and labels stay up and running during the coronavirus pandemic.
In a letter sent to various labels and obtained via Rolling Stone, the streaming giant notes how crucial it is that they help in this crisis.
“These are difficult times for the music industry globally,” the letter reads.
“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.”
For labels to be eligible to access this fund, they must have a direct distribution deal with Apple Music and they must earn $10,000 on a quarterly basis.
Of course, the music industry has been hit especially hard by the coronavirus pandemic. Since the federal government brought in a ban of mass gatherings and live concerts to help slow the spread, countless concerts and festivals have been either cancelled or postponed. You can see a list of major gigs and festivals that have been impacted by the pandemic here.
