The sum will be divided up amongst three COVID-19 relief funds, including AIM's, Musician Unions', and Help Musicians'.
Donations to the MusiCares COVID-19 relief fund have now exceeded $10million.
Billboard parent Valence have reportedly been facing losses of up to $15m a year.
Bioethicist Zeke Emanuel told the NY Times it is not plausible to resume live events before Fall 2021.
Applications have been extended til May 16. Publishers and Independent Labels can also apply.
The Award Wininng Musician responded to the Kenyan Government's 100m Ksh fund for musicians - says Ghanaian Music Industry needs to have a better direction to...
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.