Music Export Growth Scheme Impact Report 2019 2
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Music Export Growth Scheme Impact Report 2019 2 BPI Limited Riverside Building County Hall Westminster Bridge Road London SE1 7JA Tel: 020 7803 1300 www.bpi.co.uk Music Export Growth Scheme Impact Report 2 0 1 9 contents Foreword – 4 Geoff Taylor BPI 6 Executive Summary 8 Infographics Economic Impact 10 & Artistic Development 38 Appendices 40 Acknowledgements 4 foreword The Music Export Growth It’s exciting that the Music Export Scheme is a highly successful Growth Scheme (or MEGS for short) is playing its part promoting Geoff partnership between British artists, and, along the Government and the private way, has helped the likes of BRITs sector promoting UK exports. winners Catfish & The Bottlemen and Mercury Prize recipients Young Taylor Working together, in 2013 Fathers, Dave and Wolf Alice - to the BPI and the Government name just a few - on their musical developed a simple to use, easy journeys to international success. Chief Executive In late July, albums by MEGS- to access, targeted scheme supported acts Anna Calvi, Cate BPI & BRIT that has made a significant Le Bon, and Dave were named as difference to the ability Albums of the Year on the shortlist Awards for the 2019 Hyundai Mercury of emerging UK artists to Prize. The importance of MEGS generate an impact overseas. to artists was brought home to The Scheme operates through me just the other day when I met an experienced panel of industry one of its recent beneficiaries, the experts, who make targeted grants wonderful singer-songwriter Tom specifically to UK artists that Speight. Tom explained that, as an have the elements in place for independent artist, his planned tour international success, but who of North America might not have need additional support in order been possible without the funding to seize opportunities outside the he had received. It’s encouraging UK. The combination of music to know that MEGS makes such a streaming and social media have difference to talented artists and made it easier for emerging artists emerging companies that need help to create fanbases around the to grow. world, but new artists in particular Britain has a great tradition often do not have the resources of promoting its music across or networks behind them to take the planet - the UK punches well advantage of global interest in their above its weight as the largest music through touring or active exporter of music in the world campaigns to promote their music after the US - and the Music Export outside their home market. Talent Growth Scheme is an increasingly is indispensable in the modern important foundation underlying music industry, but marketing, this track record. The globalisation showcases, personal appearances of the recorded music market is and continual social engagement bringing increased competition are also necessary conditions for to British music all round the sustained international success. world, but the potential for music export growth is also increasing, Music Export Growth Scheme Impact Report 2 0 1 9 as consumers around the world adopt subscription services such as Spotify and Apple Music. MEGS is no charitable undertaking. Companies that apply must make out a compelling business case with strong prospects for success to justify investment. This strict and rigorous approach has underpinned the effectiveness of the Scheme. Since MEGS launched in January 2014, over 240 applications have been supported with investment totalling nearly £3.8 million. This has generated a 12 : 1 return on investment, with some £36 million generated for the UK music economy.* In addition to its excellent financial returns, the Scheme has an important cultural impact, helping to promote British culture overseas and extend the UK’s soft power. With the UK now looking to develop new international trading relationships, not least in rapidly emerging markets across Asia, Africa and South America, the need for MEGS is arguably greater than ever. I would like to thank The Department for International Trade (DIT) and the GREAT campaign - and the teams there - for their continued support and investment in the Scheme; our Chairman of the MEGS Committee, John Kennedy OBE, and all its members, for all their hard work and efforts; and not least our Director of International, Chris Tams for so capably managing the whole campaign for the BPI artists and music companies alike. * Financial returns claimed by recipients divided by funding received from Rounds 1 – 14 6 Executive Summary The Music Export Growth The scheme provides grants The artists that have been funded ranging from £5,000 to £50,000 to have reported multiple business Scheme (MEGS) is a support eligible UK-based music wins with: Department for International SME’s, that have demonstrated Trade (DIT) grant scheme, success in the UK, to break into overseas markets. In the period funded by the GREAT 2016 through to 2020, MEGS Britain Export Campaign funding of £3.8 million has been made available. 53 and administered by the The range of acts supported has Record deals music trade body, The British been a good example of the huge Phonographic Industry range of music acts that exist in (BPI) Ltd. Launched in the UK. Of the 242 acts supported at least one of every major genre October 2013, MEGS aimed of music was represented with to further support the 43% of funded acts being Rock & Alternative, 24% Pop and 7% Urban. 47 successful exports of the The applicants funded are from Publishing & UK Music Industry which every geographical region within Sub-Publishing deals contributes around £5.2 the UK. The Greater London area billion to the UK economy is the most represented region (48% of all grants) – this can annually. * mainly be explained by many UK acts having London as a base and the majority of record labels, management companies and other 135 associated music companies being Synchronisation based in London. Licensing deals as well as numerous festival appearance offers, TV, radio and press promotional opportunities. * GVA – UK Music “Music By Numbers” Report 2019 Music Export Growth Scheme Impact Report 2 0 1 9 Total financial returns UK music industry estimated by acts contributes around £36M £5.3B 242 £12 for every £1 to the UK acts supported invested by the scheme economy annually** At least The applicants funded (Rounds To date the scheme has 1 – 15) are 61% male, 23% female supported 242 acts (Rounds 1 and 16% mixed groups. The scheme 1 – 16) to the tune of £3.8M in of every major genre recognises that we need to do more funding however the selection to attract female artists to apply process is extremely rigorous with of music was but conversely female acts make applications totalling £24.5M having represented up a much smaller percentage of been made to the scheme. applicants and are forming a higher The acts funded estimate their percentage of successful acts when total financial returns to be just compared to mixed groups and over £36M (results from Rounds 1 – male acts. 14) and this equated to £12 for every The scheme as a whole (Rounds £1 invested by the scheme.*** 1- 15) also has a good representation of acts representing Black, Asian, 43% Mixed and Other ethnicity with rock and alternative 14% coming from a BME ethnic group and a further 9% being mixed including both BME and White individuals. The acts funded have also come from a wide range of record labels with 94% of the recipients being signed to an independent label. 24% The majority of the funding has pop been used for projects in North America (55% of all money funded), which is not surprising given that the US is the biggest music market in the world and Canada is the ninth biggest (IFPI Global Music Report 2019). Europe, rather unsurprisingly given the geographical ease of 7% access, is in second place with just urban over 35% of all funding. ** GVA – UK Music “Music By Numbers” Report 2019 *** Financial returns claimed by recipients divided by funding received from Rounds 1 – 14 8 On average every over £4M £1 has been invested into invested has british returned £12 Music Over the scheme’s lifetime £36M has been generated from Nilüfer Yanya export revenue Music Export Growth Scheme Impact Report 2 0 1 9 0 2 13 19 14 ound 16 round 1 r r d 15 oun 1 un d 5 o 2 r 2 1 4 ro 1 u d n n d u 3 o r 1 r 3 o 6 1 9 u n d 1 d n u 4 o r r o 5 u d n n 2 d u 1 242 o 2 1 Acts have r 0 1 r o received funding 6 u d n n d u 1 o 1 r 1 ro 7 2 un d d 1 oun 6 0 r 1 round 9 round 8 11 3 11 1 20 Ezra Collective 10 Economic Impact & Artistic Development The Scheme to date has funded 242 acts across 16 Rounds. The following pages summarise each round and the results that the funded artists have reported back. Round Results Announced The successful applicants have reported the following business 1 February 2014 as a result of the scheme: Artists Record 01 deal Licensing funded: 07 deals 13 Acts funded 1. Afrikan Boy Live agent 2. Zara McFarlane 03 deals 3. Catfish and the Bottlemen Distribution 4. Holy Mountain 02 deals 5. Throwing Snow £273,590 Publishing of funding awarded 6. Fred V & Grafix, deals 7. Drenge 02 8. Beth Jeans Houghton Sub Publishing 9. The Crookes 01 deal 10. Filthy Boy Sync £250,778 deals paid out to funded acts 11.