Export Scheme: Electrical Storm
The latest UK music acts to receive Government funding to support exporting their music overseas have been announced and include 65daysofstatic, Låpsley, Lonelady and the wonderfully named Fearless Vampire Killers.
As previously reported, the Music Export Growth Scheme (MEGS) is a scheme run by UK Trade and Investment (UKTI) and the British Phonographic Industry (BPI). It was established to provide funding to boost sales of British music around the world by financially supporting small and medium sized independent music companies in their overseas activities.
Announcing the latest beneficiaries, Business Secretary Sajid Javid boasted about going to Glastonbury but also could not refrain from talking about banging drums, saying: “Through the Music Export Growth Scheme, the Government is banging the drum for the UK’s fledgling music stars and promoting the UK’s world-class sound in overseas markets”.
Javid went on: “The scheme highlights the strength of the UK’s creative industries and the benefits they deliver to the UK economy”.
In this sixth round of funding, the 16 acts and three songwriters will receive grants ranging from £8,000 to £15,000 and you can see the complete list at the BPI site.
Funds will reportedly be matched by music companies working with the acts, who will also attend “writing camps” overseas to help boost revenues from publishing and sync deals- although this was denied in this eloquent riposte to the press release from 65daysofstatic, who are seemingly banging an altogether different drum to Javid. Well worth reading as a direct counterpoint from an artist involved in the scheme as they accuse the Government of using artists as ‘fig leaves’ and refer to a “Hyper Dickensian Nightmare of a Tory Government”. Not so much biting the hand that feeds as tearing it off and swallowing it in one gulp.
The fund covers areas including overseas marketing, session musicians, tour support, booking agents and other expert services in the territories that the artists hope to tour. According to estimates from the BPI, the fund has generated an approximate return on investment of £8.50 for every £1 invested over 18 months, investing in 89 independent music companies.
It is now open again for applications and you can find out more here.
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