The latest round of Music Export Growth Scheme (MEGS) funding sees the Department for International Trade (DIT) and the Department for Digital, Culture, Media & Sport (DCMS) committing £500,000 to help UK artists grow their international profile in overseas markets.
MEGS is a joint funding initiative between the UK government and the recorded music industry that exists to boost British music exports. It supports small to medium-sized music companies to build on the commercial potential of their artists.
Since its launch in 2014, the scheme has awarded of £4.5 million, in support of around 300 projects, generating £55.5m in exports revenue.
The latest round of funding follows recent BPI data which shows that British recorded music exports grew by 13.7% to a new high of £590.8m in 2021.
Geoff Taylor, chief executive BPI, BRIT Awards & Mercury Prize, said: “The global recorded music market is poised for sustained and rapid growth, but this growth is combined with intensifying global competition. MEGS continues to be a crucial resource for independent artists and labels to help them breakthrough in overseas markets. We are pleased that the government is committed to continuing to work in partnership with the music industry to maximise the UK’s music exports potential. MEGS not only delivers for the UK economy but has had supported some our best loved independent artists to achieve global success.”
Andrew Griffith MP, minister for exports at the Department for International Trade, said: “The UK has a global reputation for creating, writing and producing amazing music. In 2020, the UK exported £2.3billion of music around the world, creating jobs and growing our economy. Through the Music Export Growth Scheme, we’re proud to help UK-owned independent labels and artists grow British music abroad.”
Applications for the next round (21st) of MEGS funding will open on August 8 and close on September 2, 2022. Successful applicants will be announced later this autumn.