PRS Foundation is introducing new guidelines for Music Momentum Fund applications by artist managers.
From May, artist managers applying on behalf of artists to the fund, who are able to justify project management cost allocations, may include a fair sum under Artist Manager Project Management Contribution within the Expenditure Section of their Budget submission.
The move by PRSF, which follows advice from the Music Managers Forum (MMF), is in recognition of the significant barriers to entry and income uncertainty faced by many artist managers due to industry trends.
Fiona McGugan (pictured), general manager of the MMF, said: “Whilst there is growth of investment into artists from management companies, there is an increasing risk of losing a pool of talented managers who develop artist businesses from day one. In recent years, the manager’s role has increased, but the level of commissionable income is decreasing and the value of good management is not being fully recognised.
"Through Artist Manager Project Contributions, PRSF applications will now place a monetary value on a manager’s time - even through in-kind contributions - which brings the music industry in line with funding guidelines around the world who require committed project management. The MMF is delighted that PRSF is the first music funding body to introduce this measure and we hope to see others follow suit.”
Joe Frankland, senior grants and programmes manager, PRS Foundation, said: “PRS Foundation is celebrating five years of the Momentum Music Fund which has enabled over 270 artists so far to set up long-term, sustainable careers and has generated over £12m for the UK Music Industry.
"Momentum is designed to stay ahead of industry trends so we welcomed discussions with the MMF to address some of the financial barriers faced by new and independent managers. Our new guidance recognises those barriers and the vital contribution managers make to overseeing successful projects.
The 5 Years Of Momentum Report will be launched at The Great Escape in Brighton on Friday, May 18 at The Old Courtroom from noon.