The UK Government's Department for Business and Trade and Department for Culture, Media and Sport have jointly committed an expanded £1.6 million to the latest round of funding for the Music Export Growth Scheme (MEGS).
Since launching in 2014, the music industry and government joint-funded MEGS initiative — which is managed by the BPI — has supported over 300 UK artist export projects across all genres in a bid to raise the international profile of UK artists in overseas markets and, in turn, boost UK music exports.
Grants have been made available by the scheme for small-and medium-sized (SME) independent music companies to support their artists’ careers overseas. Artists who have already benefited from the funding include this year's Mercury Prize winners Ezra Collective, beabadoobee, Bicep, Dave, Rina Sawayama, Wolf Alice and Young Fathers.
Initially announced in August as part of the publication of the Creative Industries Sector Vision, the government will provide £3.2 million in funding (including this £1.6 million round) to the initiative over the next two years 'to enable emerging artists to break into new international markets'.
Applications for this latest round of MEGS funding opened today (8 November) and will close at 11.59pm on 4 December - you can find out more about the scheme here.
Dr Jo Twist OBE, Chief Executive of the BPI, said in a statement: 'During a time when British artists face more global competition than ever, we are delighted to continue our successful partnership with government to grow British music exports through the Music Export Growth Scheme funding. With a return on investment of over £13 for every £1 received, we are pleased that government recognises the value of the scheme as a critical resource for the UK’s independent music sector, while also driving economic growth.
'This expanded government funding will enable us to help even more talented British artists break through to build global fanbases and ensure the UK remains a leader in the global music market.'
Minister for Exports Lord Offord added: 'We are proud to support our creative industries, so it is excellent news that we have tripled MEGS funding, ensuring UK artists and SMEs can continue to grow British music abroad.
'The UK is the second largest exporter of recorded music in the world, with artists here accounting for 1 in 10 tracks streamed globally in 2020, helping to broadcast brand Britain, create jobs and grow the economy.'
Earlier this week, the BPI revealed that the UK is on track to expand its annual music exports to over £1 billion by 2030.
