PRS for Music Foundation (PRSF) has announced Spotify as the new exclusive digital partner of the Momentum Music Fund.
Spotify will bring an additional funding contribution to Momentum, alongside a reward package containing promotional opportunities.
Momentum artists will also enjoy a “close relationship” with the Spotify team, which presumably means the occasional game of table tennis served with a side order of artist royalty discussion with the stream weaver himself, Daniel ‘Flamin’ Ek.
Industry fund manager at PRS for Music Foundation Joe Frankland said: “This is a game changing development for Momentum. The demand so far from artists has been off the scale, but the level of Spotify’s involvement will massively enhance what the fund can deliver”.
Ek couldn’t comment and was allegedly busy ensuring that the exact details of the Momentum arrangement were being locked in an underground vault so as not to leak Sony style all over the Internet.
However, Spotify’s Artist Ambassador Bryan Johnson was thankfully on-hand to step in and he said: “We’re very pleased to be partnering with PRS for Music Foundation and the Arts Council England on the Momentum Fund. This is another example of how Spotify is committed to investing in emerging artists by providing promotional value and expertise, as well as financial assistance. Artists are at the heart of what we do here at Spotify, and we hope that our contribution will allow all those involved in the Momentum Fund to take the vital next steps in their careers”.
As mentioned perhaps once or twice in The Gen previously, Momentum launched in 2013 and provides financial support to artists and bands at a crucial stage of their development with grants ranging between £5,000-£15,000. It is an Arts Council England (ACE) fund managed by PRSF and has supported 68 artists in the last two years.
Both ACE and PRSF recently doubled their investment in the fund for 2015-16, due to high demand. The next deadline is Tuesday 2nd June, find out more here.
In related news, Spotify also this month announced the addition of more video content, news bulletins and podcasts to its platform as reported here by the BBC.
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