Apple is setting aside $50 million to help musicians signed to indie labels affected by the coronavirus pandemic. According to Rolling Stone, the tech giant sent an email to indie labels, telling them that it has set up a $50 million advance royalty fund to help them pay their artists.
Apple will offer royalty advances to labels that earn at least $10,000 every quarter from Apple Music and have a direct distribution deal with the service. The amount will depend on the label’s past earnings and will be recoupable against its future earnings on the platform. In its email, Apple said it will offer them the advance in good faith that they’ll use the money to help their struggling artists and fund their operations in order to stay afloat.