Music Export Growth Scheme distributes a record £1.6 million to artists from across the UK as the fund marks its 10th anniversary

08 February 2024 - Press release

The highest number of artists to receive funding in one round follows increase in Government investment in MEGS

Artists receiving support include bar italia, Pip Millett, HAYLA, Black Country, New Road, Nubiyan Twist, Max Cooper, Nova Twins, Warmduscher, Yazmin Lacey, Laura Misch and the London Symphony Orchestra

2024 marks 10 years of the scheme, over which time it has supported over 300 artists, generating over £55.5 million in music exports for the UK – a return on investment of nearly £14 for every £1 received from Government 

 

The BPI, the trade association for the UK’s record companies and labels, and the representative voice of British recorded music, today announces details of the latest (22^nd) round of Music Export Growth Scheme (MEGS) funding.

A total of £1.6 million, the largest annual amount since the scheme launched in 2014, has been distributed to support 67 UK artists from a range of genres and backgrounds, as they grow their international profile and exports in global markets. 

The recipient artists from this latest round of funding are drawn from the UK’s nations and regions, reflecting the vibrant diversity of British music across different genres. The successful applicants include British companies representing Manchester’s indie-rock band Blossoms and R&B singer-songwriter Pip Millett, Liverpool dance music artist HAYLA, Cambridge rock band Black Country, New Road, Leeds afro-jazz band Nubiyan Twist, who formed at the Leeds College of Music, and Belfast electronic producer Max Cooper. There are also several artists hailing from London including Mercury Prize shortlisted rock duo Nova Twins, post-punk band Warmduscher, R&B singer-songwriter Yazmin Lacey, jazz artist and producer Laura Misch and classical music’s London Symphony Orchestra. 

Developed and administered by the BPI, the scheme boosts British music exports by supporting small-to-medium-sized independent UK companies as they build the commercial profile of their artists in key markets overseas. It is a successful partnership between industry and Government with joint funding coming from the Department for Business and Trade (DBT) and the Department for Culture, Media & Sport (DCMS) alongside investment from the UK recorded music industry, which on average contributes 64% of total spend.

This is the latest round of MEGS since the expanded Government funding for the scheme was announced as part of the Creative Industries Sector Vision in June 2023.  A further £3.2 million was pledged to support the scheme over the next two years, meaning that higher grants can be provided to a greater number of artists, in turn generating more revenue from music exports back to the UK creative economy.

This expanded Government funding comes at a pivotal time for British music as it faces increasingly intensifying competition in the global market. Emerging British artists are vying for fans alongside the deep catalogue of music available on streaming services and artists from almost every corner of the world, including long-time music powerhouses such as the US and Canada and rapidly expanding markets including South Korea and Latin America. Despite record annual growth of UK recorded music exports to £709 million in 2022, overall, the UK’s share of the global market has slipped from 17% in 2015 to around 10% today. Continued Government backing for MEGS is therefore essential for the UK, and its independent sector in particular, to keep breaking new talent on the global stage, and for annual music exports to remain on target to reach £1 billion by 2030. 

Furthermore, with rapidly rising international touring costs, without MEGS independent artists and UK SMEs are often unable to fully fund all the marketing and promotional work needed to connect with fans globally. As a result, opportunities to maximise export revenues and boost overseas profiles amongst increasing international competition can be missed without such funding.  

2024 marks ten years of MEGS, and in that time, it has supported the international careers of more than 300 British artists including Dave, Rina Sawayama, Self Esteem, Jungle, Young Fathers, Kae Tempest and 2023 Mercury Prize winners, Ezra Collective. Through 22 rounds over the last ten years, the scheme has invested over £6 million in British music, leading to an estimated £55.5 million financial return to the UK economy and a return on investment of nearly £14 for every £1 received from Government. 

According to BPI analysis of Luminate data, more than 100 previous MEGS recipient artists each generated over 10 million audio streams of their music globally during 2023. Combined, these artists accumulated over 10 billion audio streams around the world in 2023 - up by 13% year-on-year. Nearly two dozen of these artists each surpassed 100 million audio streams globally across the year, including singer-songwriters beadadoobee, Bruno Major and Novo Amor, electronic music artists Bicep, Honne and Maribou State, rapper Knucks, rock bands Amber Run and The Heavy, indie pop artists The Japanese House, Oh Wonder and Strawberry Guy, and Mercury Prize and BRITS winners Wolf Alice.

Kemi Badenoch, Secretary of State for DBT said: 
“SMEs are the cornerstones of our communities and the lifeblood of our economy – their success is Britain’s success and we are backing them all the way. Whether it’s removing burdensome regulations, tackling access to finance or helping them to export overseas, my Department is working around the clock to help them grow their business. I’m delighted we’re able to back more artists than ever before. I congratulate the successful acts and look forward to seeing them bang the drum for Britain across the globe.”

Dr Jo Twist OBE, BPI Chief Executive said: 
“We’re delighted to announce the biggest round of MEGS funding to date, supporting close to 70 talented and diverse UK artists to take their careers to the next level - building new fanbases globally while boosting British exports. At a time when UK artists face more competition than ever, we’re grateful to Government for its recognition of the scheme as an essential resource in enabling new British talent to break through on the global stage, while seeing excellent financial returns for music exports. We only need to look at the success of artists that MEGS has supported over the last ten years to showcase its cultural and financial importance. Therefore, it's vital that Government continues its support to ensure the UK remains a global music power.”

Lucy Frazer, Secretary of State for DCMS said:
“The Music Export Growth Scheme has been launching careers internationally for a decade, supporting more than 300 artists, including some of Britain's most successful acts like Dave, Rina Sawayama and Ezra Collective, while generating more than £55 million for the economy. Thanks to this latest round of funding - the biggest in MEGS history - the scheme will maximise the potential of a new generation of home-grown talent, as part of our ambitious plans to grow the creative industries by £50 billion and support one million more jobs by 2030."