UK Government opens applications for Music Export Growth Scheme
The UK Government has announced that applications for the Music Export Growth Scheme have officially returned with a fresh round of funding on offer for homegrown musicians.
£1.6 million is available for UK artists to travel the world, and aim to fulfil their ambition of a bright future in the music industry.
The funding is backed by the Department for Business and Trade and the Department for Culture, Media and Sport. The Music Export Growth Scheme has already invested £7.6 million to help over 450 British artists in their bid to achieve global success.
Famous recipients of the funding include rapper Dave, Young Fathers, and Ezra Collective. Additionally, indie-rockers Wolf Alice also received the funding, and famously went on to win coveted music awards such as the Mercury Prize.
The Government’s Business and Trade Secretary, Peter Kyle, has shared, “Our first-class music industry is already the envy of the world, but we are pushing to make it even bigger, giving artists the tools to go global and export to all corners of the globe.”
Kyle added, “By helping artists break into new markets, we’re amplifying British creativity and driving growth for the entire music industry.”
The new round of funding comes alongside a strengthened due diligence process to ensure that the scheme “remains the gold standard for supporting talent.”
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The scheme can be used to help artists deliver marketing and promotional campaigns with greater backing behind them. It can also help to attract new fans and boost touring opportunities, as well as other revenue streams.
UK music exports are worth billions to the UK economy and the initiative will hone in on this by promising an “exceptional return” which they claim is worth close to £14 for every £1 invested.
The scheme has an impressive track record thus far. There have been 23 rounds of Music Export Growth Scheme funding – generating £73.5 million in returns. In comparison, the creative industries sector in the UK is worth almost £125 billion to the UK economy and employs approximately 2.4 million people.
Stay tuned to Far Out for an exclusive interview with Peter Kyle on December 3rd regarding the Music Export Growth Scheme.
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