PRS fund brings multi-million pound benefits for UK artists

PRS fund brings multi-million pound benefits for UK artists

By Hayley Sigrist

PRS for Music Foundation’s International Showcase Fund (ISF) has boosted artist income and industry revenue by millions over the past three years, according to a new report.

The Impact Report, which covers the period of 2013-2016, shows that every £1 invested by the International Showcase Fund has generated an additional £8.90 for its beneficiaries, nearly a nine-fold return on investment. 

The fund responds to the challenge for artists of travelling to, and performing at, overseas industry showcase events including SXSW in Austin, A3C in Atlanta, JazzAhead in Germany and CMJ New York. It has supported the careers of Slaves, Kate Tempest, Everything Everything, Jake Isaac and Wolf Alice among others.

Vanessa Reed (pictured), executive director of the PRS for Music Foundation, 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.”

Looking at overall income generated from a wide range of music-related activities, total revenues of ISF-supported acts increased by £4 million, from £2.8m in 2013 to £6.8min 2016, and average individual revenues more than doubled, increasing from £19,200 to £46,700 per annum.

PRS for Music Foundation established the International Showcase fund back in 2006 in partnership with Arts Council England and UK Trade & Investment. The Fund responds to the challenge for artists of travelling to, and performing at, overseas industry showcase events. They were later joined by British Underground and Musicians’ Union. 

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!”

 

 

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