U.K. PUMPS MUSIC EXPORT FUNDS

The U.K. has agreed to pump an extra £3.2m into the Music Export Growth Scheme, which offers grants to independent companies to support artists' careers overseas.

Earmarked for distribution over the next two years, the funds are part of the government's ambition to grow the U.K.’s creative industries by £50b by 2030.

Since its launch, the scheme, which BPI manages, has invested around £5m to support the careers of more than 300 British artists, including beabadoobee (pictured), Bicep, Dave, Rina Sawayama, Wolf Alice and Young Fathers. The BPI says it has generated a return of more than £13 for every £1 invested.

“At a time when U.K. artists face greater competition than ever before in a now truly global music market, the Music Export Growth Scheme is an invaluable resource for those independent artists and music companies looking to export their music around the world,” said Sophie Jones, BPI CSO and interim chief executive. “The scheme is already well over-subscribed and with this additional investment, it will be able to help even more deserving artists achieve global success.”

Upon unveiling his vision for the creative industries, British Prime Minister, Rishi Sunak, said, “The creative industries are a true British success story, from global music stars like Adele and Ed Sheeran to world-class cultural institutions like the BBC. These industries have a special place in our national life and make a unique contribution to how we feel about ourselves as a country. We want to build on this incredible success to drive growth in our economy—one of my key priorities—and to ensure that U.K. creative industries continue to lead the world long into the future.”