Applications have been extended til May 16. Publishers and Independent Labels can also apply.
The deal also includes a publishing agreement with Capitol CMG.
Stream Local will launch on April 11, and will exclusively feature South African Acts.
The label will be run by young industry execs Shane Derozario, Dan Owusu, Lunick Bourgess.
Based in LA, Alonte will take up the newly-created role of SVP of Creative Integration (music).
The fund will go specifically to independent record labels who have a direct deal with the service.
Estimations had live concert revenue for 2020 at a record-breaking $12.2 billion.
Spotify's request to have the case moved to New York for their convenience has been denied.
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