Apple pledges $50 million to bail out indie record labels

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Apple Music is preparing for invasion
Apple is ready to help its indie music partners hurt by COVID-19 shutdowns.
Photo: Apple

Apple has created a $50 million advance fund to help independent music labels and distributors pay their artists and keep operations afloat.

The global lockdown in an effort to slow the COVID-19 outbreak has been particularly brutal to independent labels. Music stores, in-person venues and TV/movie productions are all closed, killing sales, licensing income and anticipated revenues from shows now canceled.