THE BPI-RUN Music Export Growth (MEGS) scheme, which to date has funded 162 acts with £2.4 million in funding, is encouraging more artistes to come forward to potentially benefit from further investment over the next three years.
Director Chris Tams says that the regular rounds of funding are given to acts to aid numerous endeavours, including easing the costs of national and international touring.
“We’re running three rounds of funding a year – usually picking out roughly 15 acts from between 60-120 submissions, and currently have enough at hand to keep giving out grants until 2020,” Tams says.
“In the case of live music, those successful will receive their grants in the form of reimbursement, given to them after the tour has taken place, to the tune of 70 percent of the costs.”
Tams adds that the panel determining the lucky few are more interested in the viability and potential return of proposed plans, than the specific stage or prestige of an artiste’s career.
“We give grants based entirely on the strength of the business plan we’re sent,” he says.
“The ‘size’ of the artiste is largely irrelevant – we’re proud of the fact that we see on average a £10 return for every £1 invested, and that’s because we have a panel of industry experts who scrutinise the applications and only pick out those who are clearly going to make the most of the grant.”
The next round of MEGS funding begins in January.