Apple’s music streaming platform is going above and beyond to support labels impacted by COVID-19.
If there is an upside to be found in the rise of COVID-19, it’s knowing who will step up and help those in need. There are websites dedicated to following how companies of all sizes are reacting to the virus, and it should go without saying that certain businesses are doing (giving) more than others. For every business that refuses to protect workers or help them feel safe amidst an economic pinch, others are lining up to prove they understand the bigger picture. We are all in this together, after all, and Apple Music is one of many companies that want to make their investment in seeing the business of music continue known.
MusicBusinessWorldwide is reporting that Apple Music is quietly making an advance fund with $50 million available for independent labels and distributors, to support the indie sector with vital cashflow during the uncertainty of global COVID-19 lockdown. The site claims sources close to the story say Apple is set to inform independent labels and distributors later today (April 7) that any amongst their ranks who meet a minimum quarterly threshold of $10,000 in Apple Music earnings can qualify for one-off advance payments on future royalties out of the new fund.
Some quick math suggests any label generating 500,000 streams or more per month on the platform would qualify for this fund.
But there is a catch, or more specifically, at least one. Qualifying indie labels and/or distributors must have a direct distribution deal in place with Apple Music. This rules out indie labels who are distributed by major record companies (including those that go through The Orchard, ADA and Caroline).
Apple’s goal for the fund is to enable labels to pay artists and continue operations while the COVID-19 pandemic plays out. It is currently unclear when touring will happen again, and several reports point to overall music streaming consumption declining during this time. Artists everywhere are in a tight spot, and the labels behind them are feeling the pinch as well.
In other news, Apple Music is continuing to grow. The company saw a rise in new accounts last month despite the music streaming volume as a whole beginning to slip. It is the opinion of HaulixDaily that the current decline in streaming will pass as people get more comfortable with this ‘new reality.’ The industry is resilient. As long as we stick together and help those who need assistance, nothing can stop us from moving forward and continuing to influence positive change.
