SIAE, the Italian Collecting Society funding Italia Music Export, has approved a set of emergency and mid-term measures to support its members during and after the COVID19 pandemic. As of today, the impact of the lockdown on royalty collection will result in an estimated loss of €200 million.
SIAE has set up a €110 million fund to support authors and musicians, showing its unprecedented commitment to aid its members through this crisis. The sum includes:
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a €550.000 Emergency Solidarity Fund to buy 2500 food packages to be delivered directly to members in conditions of poverty and/or disability and/or in precarious health conditions.
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a €60 million Extraordinary Support Fund aimed at supporting royalties distributions over the next two years
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an additional €50 million to grant multi-annual interest-free loans to members
Moreover, in order to facilitate cultural content providers in their new online activities, SIAE has approved a set of new applicable tariffs in the period of the pandemic emergency. To further support online initiatives, in particular for the non-profit sector, SIAE is also envisaging further solutions, possibly by financing license fees.