British musicians are set to benefit from a £2.8m programme launched by the Department for International Trade and the BPI – the UK record labels’ association that promotes British music.
The re-launch of the Music Export Growth Scheme (MEGS) will make available up to £2.8m in support for independent music companies, music labels, distributors and management companies, as they look to build on their UK success and break into overseas markets.
Delivered through the Exporting is GREAT campaign and operated through the BPI, small and medium sized music companies will be eligible for grants ranging from £5,000 to £50,000 to help promote British artists around the world, giving them the opportunity to go global with their talents.
With the UK music industry contributing over £4bn to the UK economy in 2015, it plays a key role in showcasing the best of British talent across the world. After the US, the UK is the largest exporter of music in the world and last year alone British acts produced five of the global top 10 best-selling albums.
International trade minister Mark Garnier said: "UK music has a long history of inspiring millions across the world and influencing generations of artists. We are the second biggest exporter of music in the world and one in every 6 albums sold globally belongs to a British act.
"From the Beatles to Skepta, British music is part of the very fabric of our nation and heritage. Our Music Export Growth Scheme will champion the incredible raw talent that we have to offer by giving the support and financial backing many artists need to take that next step."
MEGS funding will be made available until 2020 with the first round of nominations opening on 10 October 2016.