In the wake of nationwide protests and chaos, Sony Music Group has established a $100 million social justice fund.
Sony Music Group (encompassing both Sony Music Entertainment and Sony/ATV Music Publishing) announced the substantial fund in a press release, which was shared with Digital Music News.
And per this press release, Sony Music will immediately begin using the $100 million fund “to donate to organizations that foster equal rights.” However, the non-profit organizations set to benefit from the initial round of aid weren’t disclosed.
Addressing the newly founded fund, 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.”
On Tuesday, Sony Music, along with its Big Three record label counterparts, participated in “Black Out Tuesday,” a protest initiative designed to raise awareness of violence against African Americans. Though the music industry conceived and planned Black Out Tuesday, an array of non-music individuals and groups too partook in the movement.
Yesterday, we were first to report that Universal Music Group (UMG) had equipped its own social justice task force, dubbed “The Task Force for Meaningful Change,” with a $25 million “Change Fund.” The latter, like that of Sony Music, will assist social justice charities whose missions align with the task force’s long-term objectives.
The final Big Three record label, Warner Music Group, has partnered with the Blavatnik Family Foundation (the charitable wing of billionaire Leonard Blavatnik, who owns WMG’s parent company Access Industries) to form a different $100 million social justice fund yet. An advisory panel is expected to determine which groups and causes the capital will be directed towards.
Black Out Tuesday’s organizers indicated recently that they are planning additional protest initiatives.