PRS Foundation’s flagship Momentum Music Fund has generated more than £13m for the British music industry over its five-year life span, according to a new study revealed by the charity at The Great Escape.
The fund, which offers between £5,000-£15,000 to artists and bands at a pivotal stage in their career, has supported more than 273 acts and awarded more than £2.5m in grants since 2013.
This has enabled the creation of over 160 albums and 180 UK tours, adding up to more than 1,000 live dates.
The fund boasts a roster of successful artists among its past beneficiaries, including Years & Years, Little Simz, Public Service Broadcasting, Floating Points, Bugzy Malone and Anna Meredith.
A large number of supported artists were already signed to independent labels such as Bella Union, Moshi Moshi, Rough Trade and 4AD, with the likes of Years & Years, Oh Wonder, Yungen and Spring King going on to sign to major labels off the back of funded projects.
PRS Foundation’s findings show the Momentum Music Fund has been particularly successful in the support of diverse talent across the UK, with black music genres such as grime and hip-hop overtaking alternative/indie when it comes to the number of successful applications.
Around 43 percent of grants have gone to either female or mixed gender groups and, since monitoring ethnicity in 2014, 49 percent have supported Black, Asian and Minority Ethnic (BAME) artists.
Partnerships have also recently been announced with Creative Scotland, Arts Council of Wales and Welsh Government, expanding the fund’s reach to cover the whole of Britain.
Vanessa Reed, chief executive of the PRS Foundation, said: ‘This five-year partnership with Arts Council England has resulted in one of the most successful programmes PRS Foundation has ever delivered.
‘Combining public funds with industry backing and expertise, it presents a unique investment model for emerging artists as part of an evolving ecosystem for music. I look forward to growing this fund over the next five years with new and existing partners who share our passion for supporting diverse talent and sustainable careers.’
The Momentum Music Fund is managed by PRS Foundation and awards grants of up to £15,000 using funds from PRS Foundation, PPL, Creative Scotland, Arts Council of Wales and Welsh Government.
Spotify contributes additional funding in addition to a reward package.
Read the full report here.