Warner Music Group, the third largest recording company in the world, have announced the launch of a new $100m fund for charitable causes “related to the music industry, social justice and campaigns against violence and racism”.
The announcement follows the music industry campaign #TheShowMustBePaused, which saw a number of companies, artists and organisations ceasing operation for 24 hours in the wake of worldwide protests against racial inequality.
The fund, set up in collaboration with the Blavatnik Family Foundation – the charitable organisation run by WMG vice-chairman Sir Leonard Blavatnik – aims to support individuals and companies who are “strengthening education, and promoting equality, opportunity, diversity and inclusion” in the music industry, according to WMG.
“This fund will support the extraordinary, dedicated organisations that are on the front lines of the fight against racism and injustice, and that help those in need across the music industry,” Warner Music Group CEO Steve Cooper said.
“Our advisory panel, which will draw from a diverse cross-section of people from our team and the wider community, will help us be very thoughtful and accountable in how we make an impact. We’re determined to contribute, on a sustained long-term basis, to the effort to bring about real change.”
Protests sparked in Minneapolis by the killing of George Floyd have since spread across the world, with a number of high-profile names and organisations from the music industry lending their support.
Recently, music retail and streaming platform Bandcamp announced that they will be donating 100% of their profits made on June 17 to the NAACP Legal Defense Fund.