PRS FOUNDATION’S (PRSF) Momentum Music Fund, created to offer grants of between £5,000 and £15,000 to emerging UK artistes, has generated £13 million for the British music industry, according to the findings of an independent evaluation.
PRSF CEO Vanessa Reed says that the report confirms that seed funding can have a transformative impact on an independent artistes’ career.
“These findings present a huge opportunity for the Government and music industry to work together on new investment models which can form part of an ever-evolving ecosystem for music,” she says.
While the report attributes the creation of over 160 albums, support for over 180 UK tours and over 1,000 live dates to the fund’s legacy, Reed says that there is still room to grow.
“We’ve worked hard to reach a good proportion of artistes outside of London, but there’s still more to do and we want to keep building on this in partnership with local development agencies, funders and local music scenes,” she says.
“We’re partnering with Creative Scotland and Arts Council of Wales to make Momentum funds available across every part of the UK.”
With 3,896 applications received to date and 7 per cent success rate of funds being granted, Reed adds that acts shouldn’t hesitate to reapply if unsuccessful first time around.
“It’s all about timing and making a strong business case,” she says. “Make sure you’re applying at a time when the funding is going to have the biggest impact and make it clear what’s being invested from your side.”