New UK acts supported by PRS for Music Foundation’s International Showcase Fund (ISF) have helped generate £4m in revenues for the music industry and UK economy in the last three years, says new research.
The ISF Impact report, which covers 2013-2016, shows that total revenues of fund-supported acts increased by £4m, up from £2.8m in 2013 to £6.8m in 2016. Average individual revenues more than doubled, increasing from £19,200 to £46,700 per annum.
According to the study, every £1 invested has generated an additional £8.90 for its beneficiaries, equating to nearly a nine-fold return on investment. During the three-year period, the fund invested more than £431,000 supporting 146 artists.
The initiative, run by PRS for Music Foundation in partnership with UK Trade and Investment, British Underground, Arts Council England and Musicians’ Union, has helped support a range of artists including Slaves, Little Simz, Kate Tempest and Everything Everything.
Vanessa Reed, PRS for Music Foundation executive director, said: ‘Showcasing in a new territory is one of the most important opportunities for an artist; yet it can also be one of the most expensive, particularly as the costs of travel, accommodation and visas are on the rise.
‘The ISF has therefore been pivotal in supporting many of the UK’s most talented and distinctive musicians to develop their careers in new markets. As we celebrate the milestone of our tenth anniversary, we look forward to building on this success and supporting more of the many UK musicians who deserve the chance to connect with new audiences overseas.’
Further findings from the study showed that 89 percent of supported artists return from their showcase with tangible business outcomes.
These include securing international record deals, booking tours and festivals overseas, acquiring international agents, managers and publishers, and improving merchandise sales, all helping to accelerate solo artists’ and bands’ careers to the next level.
Visit the Foundation’s website to read the full report.