As the ongoing COVID-19 pandemic continues to impact the music industry in unprecedented ways, major streaming platforms are doing their part to ensure artists and labels are getting paid. Spotify and SoundCloud have already created funds to support creatives, and now Apple Music has announced a $50 million advance royalty relief fund for labels and artists.
To qualify for aid, labels must earn a minimum of $10,000 per quarter through Apple Music, and have a preexisting direct distribution deal with the streaming platform. A letter sent out to these labels states,
“These are difficult times for the music industry globally. 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.”
Record sales and streaming numbers’ recent dips, compounded with the total halting of all nationwide tours, digital streaming platforms are doing their share to soften the blow as the industry tries to find it’s footing.
