Digital Music News (DMN) reports on three large donations from and to the music industry. Two of those, from Sony Music and Universal Music Group, are donations to racial justice causes. On the other hand, Germany will donate funds to help the music industry in Europe restart live music after the coronavirus pandemic.
For its part, Sony Music Group has established a $100 million social justice fund. In its press release, Sony Music says that it will “immediately begin using the $100 million fund to donate to organizations that foster equal rights.” The press release does not mention the non-profit organizations to which the initial round of funding will go to.
Sony Music CEO Rob Stringer said: “Racial injustice is a global issue that affects our artists, songwriters, our people and of course society at large. We stand against discrimination everywhere and we will take action accordingly with our community fully involved in effectively using these funds.”
Also, Universal Music Group decided to form a social justice task force, which will go under the name as “Task Force For Meaningful Change.” To that effect, Universal has given this task force $25 million, for what it calls “Change Fund.”
As DMN notes, “aside from tailoring UMG’s internal policies and practices, the Change Fund is expected to provide donations to a number of social justice charities whose missions align with the Meaningful Change Task Force’s long-term goals.”
Spotify will also join in. The streaming service will match $10 million its employees will donate to charities that combat racism.
Restarting live music in the wake of Covid-19 might be a spark for similar donations in Europe. DMN also reports that “the German government has committed over $169 million (€150 million) to boost its live music sphere, as part of a broader $1.13 billion (€1 billion) plan to reinvigorate cultural institutions and entertainment businesses, which have been hit especially hard by the coronavirus (COVID-19) crisis.”