Universal Music Group shares assistance plan to help hurting music industry
As the touring industry has completely halted and music sales reach their lowest metrics in decades, Universal Music Group has pledged its commitment to helping those affected by COVID-19 inside and outside the music community. UMG has felt the impacts of the global pandemic hit especially close to home as last month chairman/CEO Lucian Grainge was hospitalized with the virus.
In order to aid those that normally generate income through touring, UMG has announced its plan to offer tools and platforms for these artists to reach their fans. Most notably, Universal artists Lady Gaga, Billie Ellish, and Elton John were among those that took part in The iHeart Living Room Concert for America.
The music conglomerate launched All Together Now: Stay Connected, a philanthropic program that provides relief to the company’s near 9,000 employees across the work and impacted music workers through organizations such as MusiCares’ COVID-19 Relief Fund and Help Musicians UK. The program is also matching the contributions that its domestic employees donate to charities aiding in relief. Additionally, Universal Music Group is also setting up a range of economic flexibility offers like interest-free royalty advances and fee waivers.