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British bands benefit from export subsidy

Musician

Classical musicians and pop groups are benefitting from Government support, helping them fund the cost of overseas tours by treating them as SMEs. Since the music industry successfully lobbied Prime Minister David Cameron three years ago for the funding, there has been £2.5m distributed, with many artists having already made export breakthroughs. The most recent winners had 13 record deals and 10 international awards, but still needed finance for overseas trips. The scheme is in its final stages, but the British Phonographic Industry will evaluate it later this year and is hoping it will be extended. UK artists and groups account for one in eight albums sold around the world and one in 10 in the US.

 

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