The coronavirus COVID-19 is causing misery to people worldwide and to the international economy because of agreed travel and labor restrictions to prevent the progression of the disease. Apple wants to contribute to its sand grains and provide medical supplies, a $ 20 million surgical mask and millions of special faces (they hope to have another million this week), in various states.
Without any contributions, the company is quiet a new fund by Apple Music, Advance Royalty, to ensure that independent label artists continue to earn money for their work on the streaming music platform amid all the epidemic.
Initial investment of $ 50 million
It has become an American magazine focusing on popular music and culture The Round Stone the one who issued the news by being able to read and ensure that a few independent labels receive books for details about Apple Music's Advance Royalty project:
These are tough times for the music industry worldwide. Livelihoods are at risk, with many sources of income on which our industry depends, disappearing overnight. Apple has a long history for decades in music, and we are proud of our close collaboration with the world's best record labels. We want to help.
Today, Apple Music has announced the creation of an existing $ 50 million fund as royalty advances on independent labels, to help pay for artists and keep their jobs.
This development will be provided by independent labels that have an agreement to distribute directly to Apple Music and meet the minimum $ 10,000 minimum wage requirements of Apple Music. Each transfer will be based on previous net cash receivables, and will recover for future profit.
Progress of record labels for progress will be published on iTunes Connect, the Agreements, Taxes and Banking module, April 10. For advance admission, you must accept the Royalty Advance Agreement and be in the latest Apple Music distribution agreement before May 8, 2020 at 11am: 59 PDT.
We hope that together we can help provide stability for musicians by keeping the music industry sustainable and healthy. If you have any further questions, please contact us.
The current situation has created artists stop doing concerts as many music festivals are also set up, and many choose to postpone the release of their new jobs, which means that new content doesn't fit into streaming platforms.
With the exception of Apple, Recording Center (National Academy of Recorder Arts and Science), a Grammy Award-winner, has launched another $ 2 million fund with its nonprofit MusiCares, as well it received millions of dollars in donations from industry companies such as Spotify, StubHub, Universal Music Group and Warner Music Group.
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