After the music industry confusion that was Blackout Tuesday, one of the big-three labels is taking a small step against racism. Warner Music Group, the conglomerate that owns Atlantic Records, Parlophone, and Elektra Records, among others, has established a $100 million fund to “support charitable causes related to the music industry, social justice and campaigns against violence and racism,” without specifying where the money would go. The fund is in collaboration with the Blavatnik Family Foundation, established by Warner vice-chairman Len Blavatnik, the billionaire CEO of Warner’s majority owner, Access Industries.
The announcement comes a day after Warner Music went public (for a second time, after going public in 2005 and later back to private), with its stock set to close around a 20% increase on June 3. It reported $4.5 billion in revenue last year. After the Weeknd announced $500,000 in donations to Black Lives Matter and other groups on June 2, he called on the big-three labels (also including Universal Music Group and Sony Music), along with streaming services, to donate to racial-justice causes. “To my fellow respected industry partners and execs- no one profits off of black music more than the labels and streaming services,” he wrote on Instagram. “I gave yesterday and I urge you to go big and public with yours this week. It would mean the world to me and the community if you can join us on this.”