£200,000 to boost UK independent music companies' global reach
The Music Export Growth Scheme has granted a further £200,000 to UK-based independent music companies.
Thirteen UK music companies together with three songwriters are set to receive significant funding to boost their overseas touring and songwriting collaborations.
Among those selected is the management company behind Catfish And The Bottlemen, winner of the BBC Introducing Award.
This seventh round of funding brings the total amount distributed by the scheme to £1.6 million, helping more than 100 companies, and bringing an estimated £8.50 return on every £1 invested so far.
Delivered by UK Trade & Investment (UKTI) and the music industry trade body, BPI, the funding will provide support for businesses, artists and projects to develop in international markets such as the US, Asia and Europe.
Trade and investment minister Lord Maude said: "The UK has a vibrant creative sector that generated over £17 billion in exports during 2013.
"The Music Export Growth Scheme has helped a new generation of British musical talent gain international recognition and boost the sales of UK music abroad, creating jobs and growth for the UK economy. I wish the latest recipients well as they grow their fan-base abroad."
According to latest available figures, the music industry contributed £3.8 billion to the UK economy in 2013, with record companies accounting for more than one sixth of this.
The successful recipients of funding will use the money to support the careers of music acts including Welsh band Catfish And The Bottlemen, Glasgow's The Twilight Sad and Essex's The Bohicas.
Songwriters Greig Watts, Georgie Dennis and Christopher Wortley will also benefit.
The Music Export Growth Scheme is designed to support independent music companies, who accounted for almost a quarter (23.4%) of sales in the UK record industry last year.
BPI and Brit Awards chief executive Geoff Taylor, who was instrumental in negotiations, said: "The scheme has gained real traction with the independent music community, supporting award-winning acts and launching artists in new markets overseas. It has been a success story for the British Government, British music companies and British artists.
"The awards will be matched by the music companies to pay for items such as overseas marketing and promotion, session musicians, tour support and booking agents in territories the artists hope to tour. The songwriters will travel overseas to collaborate with international writers, delivering great revenue back to the UK through publishing and sync deals."
Funding recipient Martin Harley said: "As an independent and emerging artist it can be daunting to work on your development in a new region. The BPI and UKTI's support to promote the new album through marketing and touring is massive."
Further news about the scheme is available on the BPI's website: www.bpi.co.uk