The BPI has announced that the latest round of Music Export Growth Scheme funding will award £300,000 in grants to 20 independent UK artists.
The scheme is a partnership between industry and government which exists to boost British music exports by supporting small to medium sized music companies as they build on the commercial potential and profile of their artists in overseas markets.
Coinciding with International Trade Week, the artists who are benefitting from this latest round of artist investment are drawn from around the UK and reflect the broad diversity of British music across different genres.
The 20 recipients of this round of grants are:
Black Country, New Road
Employed To Serve
This funding comes at pivotal time for the UK music industry, as it continues to push to maintain its position as the second biggest exporter of recorded music, as global competition intensifies.
While the UK’s recorded music sector has succeeded in growing export revenues in recent years, with one in 10 songs streamed globally by a British artist, the UK’s share of the global market has slipped from 17 percent in 2015 to 10 percent today.
Mike Freer MP, minister for exports, Department for International Trade, said: ‘Our music industry is one of the UK’s strongest cultural and economic assets. Every year countless songs are written in the UK and performed around the world. We want to continue to make the most of the global opportunity to grow British music and DIT is proud to co-fund MEGS with industry to support independent labels and artists.’
Geoff Taylor, chief executive, BPI, BRIT Awards and Mercury Prize, said: ‘British music faces more intense competition than ever before in a rapidly globalising streaming business. MEGS funding allows a broad range of brilliant independent artists – from rap to rock and electro to jazz – to boost their fanbases overseas and grow their global streaming income. MEGS is a great investment for Government, returning 12x its cost to the economy. The time is right for Government to work with industry to expand it, so that more small British businesses and artists, from all round the country, can capitalise on the surge in streaming.’