Apple has launched a new fund to help independent music labels pay artists, touring crew and other people associated with the music industry.
There’s no word on how many indie labels received this offer, but it’s a $50 million USD (roughly $70 million CAD), so it seems likely that it’s being offered to a fair amount of people.
This isn’t a free support giveaway, however. Apple will only work with labels that make at least $10,000 USD (roughly $13,000 CAD) to determine how much royalties the tech giant should pay to them in advance to help keep the industry afloat.
Whatever amount Apple shares now, it will expect back in the future. Still, this is likely a helpful move as small artists and labels feel the strain from the lack of live music shows and a decline in music streaming as people are locked at home and watching TV.
Source: Rolling Stone