over $10 million for out-of-work music professionals; and Live Nation launched a $10 million fund to support touring crewmembers whose gigs have been canceled.
Other companies are adjusting their usual terms to support creators: Bandcamp dropped its fees on $4.3 million worth of purchases on March 20, forgoing at least $430,000, and is planning to do it again on May 1; and online royalties marketplace Royalty Exchange is reducing its auction commission and speeding up payments, which CEOestimates will cost the company up to $250,000."We're a small business, and it's hard, but it's the right thing to do," he says.
Sean Smith adds that companies that cannot afford to support the community -- and even ones that can -- must at least take steps to take care of their employees."They may not be accruing goodwill with the public, but they're no doubt generating goodwill with their employees, and that is incredibly valuable right now.