French royalty collection society SACEM has established a $6.6 million relief fund to support its members throughout the coronavirus (COVID-19) pandemic.
SACEM’s board of directors met on Thursday, March 26th, to create the fund and a strategy for helping composers, songwriters, and music publishers. The $6.62 million in aid will be distributed on the basis of need, though it’s unclear at this time how members’ respective economic strain will be evaluated. SACEM indicated that it will deliver three support amounts, depending on each individual’s financial status: $1,655 (€1,500), $3,309 (€3,000), and $5,516 (€5,000).
SACEM also emphasized the plight of copyright holders during the COVID-19 crisis, given that these persons are compensated only after their works are licensed by third parties. In fairness, it should be noted that frontline artists, who often rely on live performance income, are probably having an even more difficult time during this crisis.
Next, SACEM, which was founded in 1851, unveiled a $1.1 million (€1,000,000) increase to its existing publisher-assistance fund.
And finally, the cited statement noted that SACEM executives will soon conduct an in-depth study of the effect that the coronavirus is having on members, and that additional aid initiatives may come in the survey’s wake.
About two weeks back, French government officials announced a $50 billion (€45 billion) stimulus package, which contains support provisions for lenders, small businesses, individuals, and others.
Last Wednesday, IMPALA, one of Europe’s foremost independent music company associations, crafted a 10-step crisis management plan to assist European governments, the European Union, and companies in minimizing the fiscal effects of the coronavirus. Similarly, the UK’s Music Producers Guild (MPG) warned that its members are losing approximately 70 percent of their income because of the pandemic.
Major stimulus packages, including cash payments and extended unemployment benefits, have proven useful for musicians and music industry professionals during the trying last month. So too have charitable contributions and support funds from organizations and individuals, including the Recording Academy and MusiCares, Songtradr, Help Musicians, and an array of other entities.