New funding round for British music exports

DCMS and the Department of International Trade have committed £500,000 in new funding for the Museum Export Growth Scheme (MEGS).

The scheme, launched in 2014, aims to boost British music exports, helping artists to grow their profile in overseas markets by funding small to medium sized music companies. 

To date it has dispersed over £4.5m and generated £55.5m in export revenue. 

This latest round of funding comes on the heels of data from BPI which showed that British music exports reached a record high in 2021 of £590.8m.

Goldman Sachs analysis predicts that the global recorded music industry will more than double in the next decade, from $25.9bn in 2021 to $53.2bn by 2030. Should the UK match this growth rate, BPI said that British music exports revenue could reach £1.2bn by 2030.

“MEGS continues to be a crucial resource for independent artists and labels to help them breakthrough in overseas markets,” said Geoff Taylor, Chief Executive BPI, BRIT Awards & Mercury Prize. 

“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 of our best loved independent artists to achieve global success.”

Applications for MEGS funding will be open until 2 September.