Thursday, April 2, 2020

Sony Launches $100M COVID-19 Relief Fund

Sony Corporation has launched a $100 million fund to support those around the world impacted by the COVID-19 virus, according to Music Business Worldwide.

Through the fund, Sony says it will provide support in three areas:
  • Assistance for those individuals engaged in frontline medical and first responder efforts to fight the virus;
  • Support for children and educators who must now work remotely, and
  • Support for members of the creative community in the entertainment industry, which has been greatly impacted by the spread of the virus.
Sony says it will “seek ways to support up-and-coming creators, artists and all those in professions supporting the industry, who have been impacted by the cancellation or postponement of concerts and live events, or the shutting down of film and television productions”.

Kenichiro Yoshida, President and CEO, Sony Corporation, said, “Sony extends its condolences to the families of those who have passed away as a result of the COVID-19 crisis, and extends its sympathies to all those who have been impacted. In order to overcome the unprecedented challenges that as a society we now face around the world, we will do all we can as a global company to support the individuals on the frontlines of the battle against COVID-19, the children who are our future, and those who have been impacted in the creative community.”

Sony’s $100m fund joins other relief fund and initiative launches from companies including Netflix ($100m), Warner Media ($100m), Tencent ($100m), GEMA (up to $43m), Spotify (up to $10m) and Live Nation (up to $10m), plus the likes of Universal Music Group, PRS For Music and SACEM.

Meanwhile, everyone from UMG to Warner Music Group, Amazon Music, Spotify, TIDAL, the Jackson Estate, Pandora / SiriusXM and YouTube Music have made sizeable contributions to US-based industry relief body MusiCares.

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