RECORD INDUSTRY body the BPI reports that its Music Export Growth Scheme (MEGS), an initiative which supports companies that boost artistes in overseas markets, has generated £36 million in export revenue for the British economy.
The MEGS Impact Report for 2019 reveals that, based on the first 16 rounds of funding, the scheme has generated £12 for every £1 invested.
Launched in 2014 and funded backed by the Department of International Trade, the scheme has supported 242 successful applications including artistes such as Wolf Alice, Young Fathers and Dave, with a total of £3.8 million awarded in grants.
“The Scheme is a highly successful partnership between Government and the private sector promoting UK exports,” says BPI CEO Geoff Taylor. “The UK punches well above its weight as the largest exporter of music in the world after the US – and the Scheme is an increasingly important foundation underlying this track record.
Small and medium sized UK-registered independent music companies with the potential to help artistes achieve increased international success can apply for grants ranging from £5,000 to £50,000 to support their marketing overseas and the promotion of specific product releases.