Apple Music Is Offering $50 Million To Music Labels & Independent Distributors. With the coronavirus pandemic outbreak, the entire world is suffering the lockdown. Probably, the world is stopping with which the multiple businesses are experiencing losses. Another downturn is visible in independent businesses and brands. Almost everyone is trying to help back the community through donations. Following the bandwagon, Apple is donating funds as well.
First of all, Apple is donating funds through Apple Music. These funds might not be donations but will work as advance payments. Finally, Apple Music is establishing $50 million in advance funds for music distributors and independent labels. So, Apple is trying to support the Indie sector to optimize the cash flow.
Above all, the uncertainty of money and cash flow has blanketed around everyone. Amidst this chaos, Apple is trying to provide much-needed support during lockdowns regarding coronavirus. For the reason that pandemic is avoidable by implying social distancing, there has been a reduction in shows. Also, there is reduction in Indie concerts as well. Furthermore, the record labels all around the world are experiencing losses.
There are triple fold dangers for such independent labels and distributors such as;
According to Apple, they are helping the Indies with money. Even more, the money is intended for Indies to pay the artists and have enough funds for retaining the operations. In terms of the soft marketplace, there are multiple accreditations. Likewise, the majority of labels are not publishing their scheduled albums. Even more, the record distributors and companies are experiencing ineffective economics and losses.
In contrast, Apple is stepping up its game. On 7th April 2020, Apple informed the distributors, and independent labels are eligible for funds. Consequently, there are some eligibility criteria for gaining the funds, such as;
The major record companies include the ADA, The Orchard, and Caroline. In contrast, the bands of labels with Merlin are eligible to apply for the funds. Furthermore, all Merlin members can get funds hence creating a better cashflow.
With the implication of lockdown, the majority of people are staying indoors. Similarly, an increasing number of people are subscribing to online channels. Above all, there was a drastic increase in the number of Apple Music subscribers on a global scale. Also to international governments, the streaming volumes for audio services were declining. Hence, the low streaming volumes was one of the instructions for stay-at-home and quarantining people.
With these numbers, it’s needless to say that Apple is earning more than before. In contrast, the subscribers and right holders of Apple Music were very few at the start of the month. Currently, Apple is earning eight-figures through Apple Music subscribers. With this notion, they are in the position to lessen the burden on Indie labels as they go through crises.
Over the weekend, there was a statement from Tim Cook, Apple’s CEO, and there was confirmation about the funds. According to his statement, Apple Music is donating $50 million as the support. Previously, Apple was donating twenty million protective masks. Most noteworthy, the aim of mask donation was to help the frontline medical workers on a global scale.
According to Tim Cook, they are investing these efforts to produce and ship the face shields. Likewise, the masks and protective shields are for healthcare workers all around the United States and internationally. Hence, they are planning to donate millions of masks in the upcoming week for every needy person. Consequently, Apple is also planning the fundraiser in association with Global Citizen and the World Health Organization (WHO.)
The Lady Gaga Music Business Worldwide is also a member. The donation is for the One World: Together at Home Benefit. As for now, the donation ranges $10 million for the COVID-19 crises.
According to Apple, they understand the music industry crises, and people are not making any living. The music industry was dependent on multiple income streams. With the pandemic, the income streams are vanishing. Given Apple’s long history in music, they are proud to partner up with music artists and labels.
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