Independent and major labels trade association British Phonographic Industry (BPI) announces its latest round of Music Export Growth Scheme (MEGS) funding, which will support 20 independent UK artists as they look to grow their international profile.
The MEGS grant is provided by the UK Government, co-funded by industry investment, which on average contributes just under two-thirds of total spend. The most recent round injected an additional £300,000 into the scheme.
£4.3m has already been invested since 2014, and it has generated over £51m in music exports for the UK and a return of £12 for every £1 invested.
Mike Freer, Minister for Exports at the 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.”
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 ten songs streamed globally by a British artist, the UK’s share of the global market has slipped from 17 per cent in 2015 to 10 per cent today.
Geoff Taylor, Chief Executive BPI, BRIT Awards & 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.”