International Showcase Fund - Impact Report Launched (PRS for Music Foundation)
Posted by PRS Music Foundation in London U.K. on May 18, 2016

LONDON, 18th May 2016 – PRS for Music Foundation has published Nordicity's Impact Report on the International Showcase Fund (ISF), which has supported the careers of Slaves, Little Simz, Kate Tempest, Everything Everything, Ghetts, Jake Isaac, Wolf Alice, and Dan Croll, and boosted artist income and industry revenue by millions.

PRS for Music Foundation, the UK’s leading charitable funder of new music and talent development, established the International Showcase Fund in 2006, in partnership with Arts Council England and UK Trade and Investment (UKTI), and were later joined by British Underground and Musicians’ Union. The Fund responds to the challenge for artists of travelling to, and performing at, overseas industry showcase events, and looking ahead will also welcome PledgeMusic as a new partner to the scheme.

 

Ahead of an event to mark the Fund’s 10th anniversary in the Houses of Parliament this evening, Culture Minister, Ed Vaizey, said:

Britain’s music scene is brimming with creative talent, contributing more than £2bn a year to our economy through exports alone. The International Showcase Fund has played a big part in paving the way to international success for some of the UK’s most exciting, chart-topping and award- winning artists, and has helped a stream of new talent fly the flag for British music overseas.”

 

Key Findings

  • The Impact Report, which covers the period of 2013 – 2016, shows an impressive return on investment: every £1 invested by the International Showcase Fund has generated an additional £8.90 for its beneficiaries, nearly a nine-fold return on investment.
  • Looking at overall income generated from a wide range of music-related activities, total revenues of Fund-supported acts increased by £4m, from £2.8 million in 2013 to £6.8 million in 2016, and average individual revenues more than doubled, increasing from £19,200 to £46,700 per annum.
  • 89 per cent of supported artists come back from their showcase with tangible business outcomes, such as 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.
  • Six case studies also demonstrate the impact of the fund on beneficiaries’ artistic development which include new creative collaborations, increased confidence and the opportunity for musicians to hone their live shows when performing to new audiences at an international event.
  • Over the last three years, the distribution of funds has reflected the diverse nature of the British music industry. The ISF has supported 11 genres, from hip hop and R&B to electronic and alt/indie music.
  • On the issue of diversity, a notable 23 per cent of investments made last year alone (2015-16) benefited artists from a Black, Asian or minority ethnic (BAME) background.
  • In the same year, nearly one quarter (23 per cent) of investment went to female-only artists, whilst 20 per cent went to gender-mixed acts, exceeding the 16 per cent representation of women earning royalties as songwriters.

 

Commenting on the success of the International Showcase Fund, Executive Director of the PRS for Music Foundation, Vanessa Reed, 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 International Showcase Fund 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.”

 

Performing at the launch of the report in Parliament today, Jake Isaac, one of the recipients now signed to Elton John’s Rocket Music Management, said:

“The International Showcase Fund has been amazing support for me! Exposed me to an audience that I totally might not have been able to reach at that level in my music journey! Massive honour to join them at Parliament to celebrate 10 Years of their amazing work!”

 

The full Impact Report can be accessed here.

The ISF website can be found here.

 

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For further information about the Impact Report or Nordicity's other initiatives, please contact Stephen Hignell, Manager, Nordicity, at shignell@nordicity.com