The Music Managers Forum (MMF) has announced details of a new support fund for UK-based managers impacted by the Covid-19 crisis. An official press release stated that, in its first round, the ReBuild fund will offer grants of up to £3,000. Alongside the grant, successful recipients will also benefit from 1:2:1 resilience sessions with music management mentors, partner accountants and industry leaders.
Christened ReBuild, the fund grew out of the findings of MMF’s 2019 report, Managing Expectations, and is designed to support music managers who, in turn, support music creators. In the report the MMF discovered: “music managers invest extensively in the long-term career development of their artist, songwriter and producer clients, predominantly on commission-based terms. For more than 80% of music managers surveyed for the report, live music represented their most reliable and important revenue stream.”
An official press prelease stated that: “a significant proportion of the MMF’s 900-strong membership do not qualify for existing Covid-19 support packages and are unable to self-furlough due to their responsibilities to their clients.”
While full details for ReBuild will be provided following the MMF’s AGM on June 17 when applications will open, successful managers applying for the fund will have to meet four basic criteria to apply:
1) Have a demonstrable track record of building artist careers
2) Have suffered significant income losses since March 2020
3) They are unable to fully access current Government support packages
4) They are an existing MMF member (prior to end May 2020)
Speaking about the launch, Annabella Coldrick, CEO, MMF, said: “The shutdown of live music has been traumatic for MMF members. We have actively campaigned for the Government to fill the support gaps, however this has not been forthcoming and so we decided to set up ReBuild to support our community. At this very difficult time, it is vital that managers can avert an impending cash flow crisis and remain dedicated to helping artists and music creators innovate and sustain themselves through some tough months ahead.”
The ReBuild fund will be administered by Help Musicians and has been made possible by a donation from PPL, with additional contributions from a range of individuals and businesses including Joyce Smyth (Glastry), Merck Mercuriadis (Hipgnosis Songs Fund), Adam Tudhope (Everybody’s), Paul Loasby (One Fifteen Management) and Stuart Camp (Grumpy Old Management). The MMF and Annabella Coldrick have also committed to the fund and are actively inviting further support across the music and technology sectors. For more information on how to donate, contact: firstname.lastname@example.org
Paul Craig, chair, MMF & Nostromo Management, said: “I would like to thank PPL for their generosity, and Help Musicians for their support in getting ReBuild off the ground. A significant proportion of MMF’s membership do not qualify for current Government support packages, and our hope is that this much-needed funding will prevent many of them falling through the cracks and having to close their businesses.”
Peter Leathem, chief executive officer, PPL added: “A manager is often the individual helping turn an artist’s vision into a viable business. They are knowledgeable and skillful business people, providing an important foundation for the music industry. This fund will help them not just manage a loss of income but also continue to grow artist careers, sustaining the promise of many artists during this period of severe disruption. PPL is proud to support such a vital part of our industry.”
Subscribers can read Music Week's 2019 cover story the MMF's Annabella Coldrick (CEO), Kwame Kwaten (vice chair/ founder of Ferocious Talent) and Paul Craig (chair/manager of Biffy Clyro) here.
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