The professional association of independent and major labels British Phonographic Industry (BPI) announces its latest round of funding from the Music Export Growth Scheme (MEGS), which will support 20 independent UK artists as they seek to develop their international profile.
The MEGS grant is provided by the UK government, co-funded by industry investments, which on average contribute just under two-thirds of total spending. The most recent round injected an additional Â£ 300,000 into the program.
Â£ 4.3million has already been invested since 2014, and has generated over Â£ 51million in music exports to the UK and a return of Â£ 12 for every Â£ 1 invested.
Mike Freer, Minister of Exports at the Department for International Trade, said: âOur music industry is one of the UK’s most important 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 develop UK music and DIT is proud to co-fund MEGS with the industry to support labels and independent artists.
This funding comes at a pivotal time for the UK music industry, as it continues to push to maintain its position as the second largest exporter of recorded music, as global competition intensifies.
While the UK recorded music industry has managed to increase its export revenues in recent years, with one in ten songs played worldwide by a UK artist, the UK’s share of the global market has increased from 17 % in 2015 to 10% today.
Geoff Taylor, Managing Director of BPI, BRIT Awards & Mercury Prize, said: âBritish music faces more intense competition than ever in a streaming business that is rapidly globalizing. MEGS funding enables a wide range of brilliant independent artists – from rap to rock and electro to jazz – to grow their overseas fan bases and increase their global streaming revenues.
âMEGS is a great investment for the government, sending 12 times its cost back to the economy. Now is the time for the government to work with the industry to expand it, so that more small businesses and UK artists across the country can capitalize on the rise of streaming. “