International Showcase Fund Impact Report Launched
Today we have launched a new report showing the International Showcase Fund, run by PRS for Music Foundation in partnership with UK Trade and Investment, British Underground, Arts Council England and Musicians’ Union has boosted artist income and industry revenue by millions.
The Impact Report, which covers the period of 2013 – 2016, shows an impressive return on investment: For every £1 invested by the International Showcase Fund has generated an additional £8.90 for its beneficiaries, nearly a nine-fold return on investment.
Our Executive Director, 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.”
Other key outcomes found in the report are:
- 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
- Total revenues of ISF supported acts increased by £4m, from £2.8 million in 2013 to £6.8 million in 2016
- Average individual revenues of ISF supported artists more than doubled increasing from £19,200 to £46,700 per annum. (2013-16)
- For every £1 invested by ROI artists generated an additional £4 export revenues
- Export revenue of ISF artists increased by 336% from £539,182 prior to support ISF support to £2,350,540 in the last 12 months. Generating a cumulative increase of £1.8 million for the UK music industry and UK economy
- Average attendance at concerts doubled for beneficiaries after showcasing from 28,300 prior to support, to 56,600 in the last 12 months
You can read the full report here.
In tandem with the launch of the report today, we are also announcing that PledgeMusic will be joining the fund as an additional partner.
Malcolm Dunbar Co-founder, President UK & Europe PledgeMusic says
“PledgeMusic is delighted and honoured to be joining the prestigious PRS for Music Foundation International Showcase Fund programme alongside UKTI, Arts Council England, British Underground and Musicians Union. PledgeMusic’s remit from day 1 has been to help all artists grow and develop their careers as far and wide as possible and this new partnership enables us to build on that.”
Find out more about the International Showcase Fund here