Published Jun 04, 2020Earlier this week, the whole music industry took a pause for Blackout Tuesday with the intent of focusing on the Black Lives Matter protests happening around the world. In response, the Weeknd donated $500,000 to various organizations, then called out music corporations urging them to do the same. Whether or not it was directly inspired by his call, Warner Music Group has now established a $100 million USD fund.
Warner Music Group has teamed up with the Blavatnik Family Foundation to pledge $100 million to a fund that will support charitable causes related to the music industry, social justice and campaigns against violence and racism.
In a statement, Steve Cooper, CEO of Warner Music Group, said the following:
This fund will support the extraordinary, dedicated organizations that are on the front lines of the fight against racism and injustice, and that help those in need across the music industry. 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.
The news comes after a particularly successful week for Warner. The company went public on Wednesday with shares surging at 20 percent. According to Yahoo! Finance, the day of trading raised Blavatnik's net worth by $7.5 billion USD, bringing him to a reported worth of $31.2 billion total.